{"id":599938,"date":"2019-01-15T04:25:44","date_gmt":"2019-01-15T04:25:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/15\/east-med-gas-players-vow-to-establish-regional-market-choose-cairo-as-hq-for-new-organization\/"},"modified":"2019-01-15T04:25:44","modified_gmt":"2019-01-15T04:25:44","slug":"east-med-gas-players-vow-to-establish-regional-market-choose-cairo-as-hq-for-new-organization","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/15\/east-med-gas-players-vow-to-establish-regional-market-choose-cairo-as-hq-for-new-organization\/","title":{"rendered":"East Med gas players vow to establish regional market, choose Cairo as HQ for new organization"},"content":{"rendered":"

<\/a> East Med gas players vow to establish regional market, choose Cairo as HQ for new organization: <\/b>East Mediterranean gas producers will establish a regional gas market following an agreement in Cairo yesterday at what\u2019s being billed as the first meeting of the East Med Gas Forum, according to an Oil Ministry statement (pdf)<\/a>. The forum agreed to \u201ccreate a regional gas market that serves the interests of its members by ensuring supply and demand, optimizing resource development, rationalizing the cost of infrastructure, offering competitive prices and improving trade relations,\u201d Reuters reports<\/a>.<\/p>\n

Who\u2019s on board? <\/b>The meeting was attended by representatives from seven countries including Israel, Cyprus, Greece, Italy, Jordan, Palestine and Egypt.<\/p>\n

It\u2019s not clear precisely what \u201cregional gas market\u201d means: <\/b>Prior to the meeting, an anonymous source at the ministry said<\/a> that countries would discuss ways to increase Egypt\u2019s role as the region\u2019s primary LNG exporter. However, the ministry\u2019s statement does not elaborate on how yesterday\u2019s agreement fits with the country\u2019s gas hub ambitions. We\u2019re also remain none the wiser on the shape the regional market could take or what steps the organization will take to get there.<\/p>\n

Cairo will be the headquarters of the new organization: <\/b>Member countries agreed that Cairo would serve as the incipient organization\u2019s headquarters, the ministry statement said. \u201cThe oil ministers of Cyprus, Greece, Israel, Italy, Jordan, Palestine and Egypt discussed the establishment of the East Med Gas Forum and Cairo was chosen as the base of the forum,\u201d the statement read. The forum\u2019s founding members \u2014 Egypt, Greece and Cyprus \u2014 originally proposed<\/a> Egypt as the host country during a summit in Crete this past October.<\/p>\n

Egypt will start importing LNG from Israel in a few months\u2019 time <\/b>as part of a USD 15 bn agreement the two countries signed last year,Israeli Energy Minister Yuval Steinitz said in Cairo yesterday, Reuters reports<\/a>. Steinitz give a figure for the initial volume, but said the figure would double by November when the eastern Mediterranean\u2019s Leviathan field is operating at full capacity. Egypt will use half of the exports to meet local demand, while the other half will be liquefied for re-export. Israel\u2019s LNG exports will reach 7 bn cubic meters per year over 10 years, he added.<\/p>\n

Israel, of course, has its own regional export plan: <\/b>Our neighbors to the east are selling gas to Egypt \u2014 bit are also mulling a subsea pipeline running from its fields directly to Europe. Although nothing has yet been confirmed, Israel, Greece and Cyprusare expected to put pen to paper early this year<\/a> on a pact that could allow the pipeline to move forward. Steinitz\u2019s appearance in Cairo reflects the growing importance of natural gas to the aspirations of governments in the region,\u201d Bloomberg noted<\/a>.<\/p>\n

Red Sea exploration tender coming \u201cin weeks\u201d:<\/b> On a related note, Oil Minister Tarek El Molla told Al Hayat on Sunday night (watch, runtime: 56:14<\/a>) that Egypt will open a tender for exploration along the Red Sea in the coming weeks. The tender was originally expected in December, but was subsequently pushed to 1Q2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

East Med gas players vow to establish regional market, choose Cairo as HQ for new organization: East Mediterranean gas producers will establish a regional gas market following an agreement in Cairo yesterday at what\u2019s being billed as the first meeting of the East Med Gas Forum, according to an Oil Ministry statement (pdf). The forum […]<\/p>\n","protected":false},"author":1,"featured_media":599939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[1953,93,72,91,11324,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-eastern-mediterranean-gas-forum","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-regional-gas-market","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"5c1be50c-0034-4327-9481-3e39d4c0143e","is_powered_by":true,"section_story_id":"96ae7e49-aa02-4c08-8454-b6d546d53600","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/1\/315.jpg","photo_position":"above","related_issue":[599929],"teaser":"","voice_url":""},"yoast_head":"\nEast Med gas players vow to establish regional market, choose Cairo as HQ for new organization - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/15\/east-med-gas-players-vow-to-establish-regional-market-choose-cairo-as-hq-for-new-organization\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"East Med gas players vow to establish regional market, choose Cairo as HQ for new organization\" \/>\n<meta property=\"og:description\" content=\"East Med gas players vow to establish regional market, choose Cairo as HQ for new organization: East Mediterranean gas producers will establish a regional gas market following an agreement in Cairo yesterday at what\u2019s being billed as the first meeting of the East Med Gas Forum, according to an Oil Ministry statement (pdf). 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The meeting, which included representatives from Egypt, Israel, Cyprus, Greece, Italy, Jordan, and\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597448,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/28\/east-med-states-reiterate-need-for-energy-cooperation-during-regional-gas-forum\/","url_meta":{"origin":599938,"position":1},"title":"East Med states reiterate need for energy cooperation during regional gas forum","author":"enterpriseam admin","date":"28 July 2019","format":false,"excerpt":"East Med states reiterate need for energy cooperation at regional gas forum: Energy ministers from eastern Mediterranean states vowed to increase cooperation over developing the region\u2019s gas reserves following talks in Cairo last week. Ministers from Egypt, Israel, Cyprus, Greece, Italy, Jordan and the Palestinian Authority met as part of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/639.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631280,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/14\/egypts-usd-15-bn-gas-import-agreement-unlocked-east-med-to-ep-majors\/","url_meta":{"origin":599938,"position":2},"title":"Egypt\u2019s USD 15 bn gas import agreement unlocked East Med to E&P majors","author":"enterpriseam admin","date":"14 March 2018","format":false,"excerpt":"Egypt\u2019s Dolphinus Holding\u2019s USD 15 bn agreement to import gas from Israel could have unlocked the East Mediterranean gas field for oil and gas majors who have long eyed the fields, according to the Wall Street Journal (paywall). \u201cExxonMobil, Shell, Total and others are planning to invest in exports and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601960,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/14\/exxon-considers-israeli-oil-and-gas-exploration\/","url_meta":{"origin":599938,"position":3},"title":"Exxon considers Israeli oil and gas exploration","author":"enterpriseam admin","date":"14 March 2019","format":false,"excerpt":"In a potential boost to Egypt\u2019s regional gas ambitions, Exxon considers Israeli oil and gas exploration: US oil giant ExxonMobil is considering oil and gas exploration in Israeli waters, giving a further boost to regional plans for an East Med natural gas market, a source told Reuters. Company execs reportedly\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600458,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/30\/gas-reserves-will-bring-prosperity-and-more-chances-for-peace-says-el-molla\/","url_meta":{"origin":599938,"position":4},"title":"Gas reserves will bring prosperity and more chances for peace, says El-Molla","author":"enterpriseam admin","date":"30 January 2019","format":false,"excerpt":"Egypt\u2019s role as regional energy hub gets a spotlight on CNBC: Opportunities for employment, business and even maintaining peace will all grow as a result of gas reserves in the Middle East, Oil Minister Tarek El-Molla told CNBC in an interview on Monday. Speaking at the BHGE Annual Meeting in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/613.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567293,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/19\/eastmed-gas-nations-finalize-forum-charter\/","url_meta":{"origin":599938,"position":5},"title":"EastMed gas nations finalize forum charter","author":"enterpriseam admin","date":"19 January 2020","format":false,"excerpt":"The EastMed Gas Forum is finally becoming a thing: Officials from the seven founding member states of the Eastern Mediterranean Gas Forum have finalized a charter that will officially establish the organization with Cairo as its headquarters, the Oil Ministry announced in a statement. The organization, which held its third\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/633.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=599938"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599938\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599929"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599939"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599938"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599938"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}