“We reaffirm our joint commitment and determination to accelerate the just energy transition and develop a resource-efficient, socially just and low emissions and climate neutral economy,” stated European Commission President, Ursula von der Leyen, during a joint news conference with the Arab Republic of Egypt’s President H.E. Abdel Fattah El-Sisi, hailing the deal as a historic step towards a green transition.

Israel’s Minister of Energy, H.E. Karine Elharrar, acknowledged the move as progressive one in which Israel will be afforded the opportunity to become a top player in the global energy market. The State of Israel aims to double gas production capacity by up to 40 billion cubic meters a year.

The MoU will see both Egypt and Israel increase the production and exploration of natural gas, encouraging European companies to participate in exploration tenders launched by Egypt and Israel, respectively. With the EU having imported approximately 40% of its natural gas from Russia in 2021, the bloc has set a target of becoming fully independent of Russian fossil fuels before 2030.