Upon the invitation of HE Mr. Tarek El Molla, the Egyptian Minister of Petroleum and Mineral Resources, the Cypriot, Greek, Israeli, Italian, Jordanian and Palestinian Ministers of Energy convened in Cairo on 14 January 2019 to discuss establishing the East Mediterranean Gas Forum (EMGF).
The Ministers recognized that significant offshore gas discoveries in the Eastern Mediterranean will have profound impact on the region’s energy and economic development, and that new discoveries and exploitation of significant gas fields are of vital importance to the region’s energy security.
They affirmed the necessity of cooperation, on the basis of international law, in the East Mediterranean between gas producers; including potential producers, buyers and transit countries in the region, to enable greater mutual understanding, and awareness of common energy challenges and interests among the East Mediterranean countries. They emphasized their commitments to set the stage for fruitful technical and economic cooperation with a view to efficiently exploit the gas potential of the region.
The Ministers also affirmed their commitment to foster cooperation and initiate a structured and systematic policy dialogue on natural gas, potentially leading to the development of a sustainable regional gas market that could unlock the full gas resource potential in the region.
They also stressed the importance of encouraging adequate involvement and contribution of the gas industry and the private sector including investors, traders, financing entities and other stakeholders in this regard.