Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

EU looking to Israel to help it reduce energy reliance on Russia

Published 15/06/2022, 06:00 am
© Reuters. Israeli Prime Minister Naftali Bennett and European Commission President Ursula Von Der Leyen speak to the media before their meeting in Bennett's office in Jerusalem June 14, 2022. REUTERS/Amir Cohen/ Pool
NG
-

JERUSALEM (Reuters) - The European Union is looking to Israel to help reduce its energy dependence on Russia following the Russian invasion of Ukraine, European Commission President Ursula von der Leyen said in Jerusalem on Tuesday.

"We want to boost our energy cooperation with Israel," the head of the EU executive said in a joint press briefing with Israeli Prime Minister Naftali Bennett.

The EU was Russia's "biggest, most important client" in energy supplies, she said, but the invasion had spurred the bloc to pivot away from Russian fossil fuels, including by boosting natural gas imports from the eastern Mediterranean.

The 27-nation EU, Israel and Egypt are set to sign a memorandum of understanding on Wednesday, von der Leyen added, according to which Israel will export natural gas in a pipeline to Egypt, where it will be turned into liquefied natural gas (LNG) then delivered to EU member states.

"It is, for us, very important and I'm very grateful that we are now discussing this fascinating project that you are willing to increase the deliveries of gas to the European Union via Egypt," she said.

Israeli Energy Minister Karin Elharrar said in a statement that she was heading to Cairo in preparation for the signing of the Israeli-EU-Egyptian agreement.

Bennett welcomed what he called the "very strong, positive" trajectory in Israeli relations with the EU, adding, "trade, innovation, economic cooperation are soaring."

© Reuters. Israeli Prime Minister Naftali Bennett and European Commission President Ursula Von Der Leyen speak to the media before their meeting in Bennett's office in Jerusalem June 14, 2022. REUTERS/Amir Cohen/ Pool

After transitioning from being a net importer to an exporter of gas in recent years, Israel is working to produce more from its territorial waters in the eastern Mediterranean, he said.

In a separate meeting with Bennett on Tuesday, Italian Prime Minister Mario Draghi said his country was also looking to reduce its dependence on Russian gas by working with Israel and tapping into "the gas resources of the eastern Mediterranean".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.