Petroleum and Mineral Resources Minister Tarek El-Molla in his meeting with Chairman of the Board of Directors of the Palestine Investment Fund Mohammed Mostafa in Cairo on Tuesday. Photo : Egypt s Petroleum and Mineral Resources Ministry
El-Molla told Chairman of the Board of Directors of the Palestine Investment Fund Mohammed Mostafa that Egypt will spare no effort in contributing to the development of the Palestinian economy in light of the strong relations binding the two countries under the umbrella of the Eastern Mediterranean Gas Forum (EMGF), the Petroleum Ministry said in a statement.
Meanwhile, Mostafa pointed out the constructive cooperation with the Egyptian Petroleum Ministry in the oil and gas industry, confirming the importance of drawing on the Egyptian ministry’s expertise in light of its great successes.
The two officials agreed on increasing their support for the forum's role.
In February 2021, Egypt and the Palestinian Authority signed a memorandum of understanding on developing the Gaza Marine natural gas field.
The Egyptian Natural Gas Holding Company (EGAS) will work with the Palestinian Authority on a deal to extract natural gas from the Mediterranean Sea and transport it to Palestinian areas.
According to previous statements by Mostafa, the Palestinian attempts to extract the natural gas have always been thwarted by the Israeli stance, adding that his country is working with Egypt to develop the field as soon as possible.
Palestine is a member of the EMGF.
EMGF was established in 2019 as an international organisation and headquartered in Cairo. It aims to establish a regional gas market in the eastern Mediterranean and enhance trade relations among member states.
The forum comprises Egypt, Palestine, Jordan, Greece, Cyprus, Italy, and Israel.