EU working on gas deal with Egypt, Israel to shore up supplies

The European Union is working on a deal to import Israeli gas through Egypt as the bloc rushes to reduce its reliance on Russian supplies, Report informs, citing Bloomberg.

The fuel would be converted to liquefied natural gas at Egyptian processing plants before being shipped to the EU, according to documents seen by Bloomberg. An agreement would open up a new market for Israel, where domestic gas prices are much lower than the rates it can charge in Europe..

As part of a potential memorandum of understanding, the EU, Israel and Egypt would also increase collaboration on clean energy projects, the documents showed. Any eventual deal would require the backing of EU member states.