As gas prices soar throughout the world, the chatter in the last few weeks over an Israeli solution to Europe’s gas problems has grown steadily. The chatter became so real that the German economy minister was seen meeting Israeli officials.
Last year, Europe imported 40% of its gas from Russia. With the war raging in Ukraine, the EU block is looking for serious alternatives.
The deal signed today in Cairo, Egypt sees Israeli gas exported to Egypt for liquefaction and then shipped to Israel. This deal will help Europe shift away from Russian gas.
“The memorandum of understanding will allow Israel to export Israeli natural gas to Europe for the first time, and it is even more impressive when one looks at the string of significant agreements we have signed in the past year, positioning Israel and the Israeli energy and water economy as a key player in the world,” Energy Minister Karine Elharrar said.
Meanwhile, Russia continues to increase its admonishment of Israel in the last few days and invited Israel’s ambassador for rebuke.
With Israel set to replace Russia as Europe’s greatest gas provider, Putin may have a reason to use the troops stationed in Syria after all.