Egyptian President Abdel Fattah al-Sisi underlined Thursday the importance of the geographical region of the eastern Mediterranean in the light of the discovery of gas fields in recent years.
He noted that these discoveries “open the horizons of cooperation between the countries of the region in the field of energy and gas and will turn them into real investment opportunities for the people and future generations.”
Over the past years, explorations in the eastern Mediterranean have revealed huge reserves of gas, forming a basis of close cooperation between Egypt, Greece, Cyprus and Israel.
However, the region lacks the necessary infrastructure to transport gas, while disputes over maritime territorial sovereignty such as one between Turkey and Cyprus and one between Lebanon and Israel, are hindering the launch of projects.
Sisi received Thursday heads of delegations participating in the second ministerial meeting of the Eastern Mediterranean Gas Forum in Alexandria, in the presence of oil and energy ministers from Egypt, Cyprus, Greece, Jordan, Israel, Palestine and Italy, as well as US Energy Secretary Rick Perry and the European Commission's representative for energy and climate.
The Forum aims to lay the foundations for cooperation among member states to increase production and discuss logistics regarding the transport of gas.
“Sisi asserted the geographic importance of the east Mediterranean region amid the latest gas discoveries,” said presidential spokesperson Bassam Radi.
He added that the ministers affirmed the strategic significance of the Egyptian initiative to establish a forum for the east Mediterranean countries.
In January, countries in the eastern Mediterranean agreed to establish a Cairo-based forum to create a regional gas market, reduce infrastructure costs and offer competitive prices. Lebanon, Turkey and Syria refused to participate in the meeting.
