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GAS DEAL

Israel, Egypt and the European Union sealed a memorandum of understanding on June 15 in Cairo that paves the way for Israeli natural gas exports to European countries, which are seeking to reduce their dependence on supply from Russia in the wake of its invasion of Ukraine. As European Commission President Ursula Von Der Leyen looked on, the deal was signed by EU Energy Commissioner Kadri Simson, Egyptian Petroleum Minister Tarek El Molla and Israel Energy Minister Karine Elharrar. The landmark agreement enables Israel to send natural gas via Egypt, which will liquify it for export via sea. “This is a tremendous moment in which little Israel is becoming a significant player in the global energy market,” said Elharrar.

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