Cairo: Memorandum of Understanding (MoU) was signed between Israel, Egypt and the European Union. According to this, Israel will be supplying natural fuel gas to the European Union with assistance from Egypt. The Israeli Energy Minister said that this is a historic development and that his country was creating its place in the global energy sector.
European countries are largely dependent on Russia for fuel. European countries accounted for 40% of the Russian fuel exports last year. The European Union has imposed harsh sanctions against Russia following the invasion of Ukraine. This had a direct impact on the Europe-Russia fuel cooperation.
Moreover, the Russian energy company GAZPROM has reduced the fuel gas supply to Germany, saying ‘Our production, our rules’. Russia will likely take similar decisions regarding other European countries. During these times, the Middle East countries opposed the sanctions against Russia and refused the US demand to increase production for the European countries.
In a quandary given this, European Union started moving to purchase fuel gas from Israel. Against this background, Ursula Von Der Leyen, Chief of the European Union, visited the Egyptian capital Cairo and met Israeli Energy Minister Karine Elharrar. At this time, the MoU was signed between Israel, Egypt and the European Union regarding fuel gas exports.
The fuel produced in Israel’s oil projects in the Mediterranean Sea will be processed in Egypt and will then be sent to European countries through the marine route. According to the Israeli media, $29 billion will be added annually to the Israeli coffers. 
Elharrar said that this is a significant development for the Israeli energy sector. Earlier, Israel had made efforts to reach Europe through the pipeline in Iraq via Syria, with Turkish assistance.
Meanwhile, the cooperation between Israel, Egypt and European Union will not be limited only to fuel transactions. This could deliver a major jolt to the Russian interests. Therefore, this cooperation’s significant economic and strategic consequences will be evident in the coming times.
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