Minister of Petroleum and Mineral Resources Tarek El-Molla signed on Thursday a memorandum of understanding with Greek Minister for the Environment and Energy Konstantinos Skrekas
This came on the sidelines of the Sixth Ministerial Meeting of the East Mediterranean Gas Forum held in Cairo.
The MOU covers three prioritised areas of cooperation including liquefied natural gas trading, relevant research and exploration activities and the actual linking of both countries' natural gas pipeline networks, with the possibility of expanding these fields in the future, the petroleum ministry said in a statement on Thursday.
The agreement also outlines a framework that would encourage energy companies and institutions in both countries to cooperate with each other and start implementing projects on the ground.
The two ministers said the MOU comes in light of the political leadership's keenness in both countries to invest in natural gas resources given their great strategic importance, a matter that would guarantee the well-being, security and stability of the east Mediterranean region.
They described the agreement as a key step that would maximise the role of the natural gas in simplifying and securing the global flow of energy, taking into consideration the necessity of reducing emissions to combat climate change.