According to the ministry, the MoU signed by Magdy Galal, the head of EGAS, and Jeff Ewing, Chevron’s east Mediterranean managing director, aimed to develop the needed infrastructure to transport the available natural gas from the east Mediterranean to Egypt.

EGAS and Chevron also agreed to form a negotiation committee to allow all parties to agree on future projects in this regard as well as to conduct studies on producing low carbon liquefied natural gas (LNG).

On Wednesday, Egypt signed a framework agreement with the EU and Israel to export natural gas from Israel via Egypt to Europe.

The signing of the MoU came after months of talks that started in March. Recently, news reports discussed Chevron pressing ahead with plans to a build a 60-kilometre onshore pipeline that would connect Israel’s southern gas network — the Leviathan and Tamar fields — with that of Egypt’s gas network to liquify the gas for export.

During the ceremony, Minister of Petroleum and Mineral Resources Tarek El-Molla discussed cooperation with the President of Chevron International Michael K. Writh, especially in the field of exploration activities, as Chevron has investments in the western Mediterranean, Egypt’s territorial waters, and the Red Sea.

For his part, Writh revealed that Chevron plans to drill the first exploration well in its concession area in the eastern Mediterranean in September.

He added that his company’s activity in the field of marketing through its oil factory in 6 October city can contribute in meeting the local market’s needs as well as Africa’s, given that Egypt is a base for exporting oils to the rest of Africa.

He also pointed to the possibility of Chevron’s participation in the investment opportunities available in the field of petrochemicals.

Furthermore, Writh said the US-energy giant was ready to play an active role in the UN Conference of Parties on Climate Change (COP27) that will be held in Sharm El-Sheikh this November to cooperate in projects to improve the environmental conditions of the energy industry.

Meeting with President El-Sisi

President Abdel-Fattah El-Sisi also met with Wirth on Monday, with the Egyptian president asserting Egypt’s full support for Chevron’s activities, adding that its vast expertise in the oil and gas industry worldwide can support the oil sector in Egypt and contribute to maximising the benefit from the state’s resources for current and coming generations.

The president also affirmed the depth of cooperation and strategic ties between Egypt and the US in all fields, The Egyptian presidency stated.

Writh then voiced his appreciation for El-Sisi and his backing for the company's business in Egypt, where it has been active for decades.

He asserted that the company was keen on developing its strategic partnership with Egypt in light of the great economic growth achieved under the leadership of El-Sisi, especially the high standards of infrastructure introduced in the state in general and the oil and gas sector in particular.

Writh also underlined the regional cooperation projects that are currently underway to transfer and liquefy natural gas, highlighting its importance in view of the current world energy crisis.