Oil and Gas

Six Eastern Mediterranean countries signed a charter on Tuesday to formally establish a Cairo-based energy forum, according to a statement on the website of the Egyptian ministry of oil.

The East Mediterranean Gas Forum (EMGF) is set to become a vital platform that brings together gas producers, consumers and transit states to boost a sustainable regional market for gas, the statement said.

The charter was signed by Egyptian, Cypriot, Greek, Israeli, Italian, and Jordanian energy ministers in a virtual ceremony hosted by Cairo.

The forum was formed in January 2019 to reinforce cooperation among member states, create a regional gas market, optimise resource development, cut the cost of infrastructure, offer competitive prices and improve trade ties, said the statement.

Egypt’s Minister of Petroleum, Mining, and Mineral Resources Tarek el-Molla said that “turning the forum into an international organization gives momentum to bolster cooperation and dialogue over gas in the region.”

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