Egypt: 320 trillion cubic feet of gas discovered in Eastern Mediterranean

The Egyptian Minister of Petroleum and Mineral Resources, Tariq El-Molla, yesterday revealed that 320 trillion cubic feet of gas were discovered in the Eastern Mediterranean region which could turn the area into a global centre for the gas industry.

The seven member states of the East Mediterranean Gas Forum, Egypt, Israel, Cyprus, Greece, Jordan, Italy and the Palestinian National Authority, yesterday officially turned the alliance into a regional organisation headquartered in Cairo.

Speaking at the launching ceremony, El-Molla said the United States wants to join the forum as an observer while France wishes to join as a full member.

The Egyptian Ministry of Petroleum said in a statement that the forum aims to establish a regional market for gas, rationalise the cost of infrastructure and offer competitive prices.

The forum was launched in January 2019 to reinforce cooperation among member states.

However, a spokesman for the Turkish Foreign Ministry, Hami Aksoy, described the forum as an anti-Ankara bloc, adding that transforming it into a regional organisation is “far from reality”.

READ: Greece prefers de-escalation over sanctions in Eastern Mediterranean