Egypt will help Europe to reject Russian gas
Italian oil and gas company Eni has signed an agreement to increase gas production in Egypt, as well as to increase the supply of liquefied natural gas (LNG) to Europe, Reuters reported.
The Italian side took this step at a time when Europe intensified efforts to find alternative sources of gas imports to reduce its dependence and abandon gas from Russia.
It is not only Egypt that can help the country: Italian Prime Minister Mario Draghi previously made a deal to increase fuel imports from Algeria to replace some of the 29 billion cubic meters the country receives from Russia.
Eni discovered the super-giant Zohr gas field in Egypt in 2015. The company says it has agreed with the Egyptian Natural Gas Holding Company (EGAS) to increase gas production and intensify exploration in existing and new fields. The agreement could lead to shipments of up to 3 billion cubic meters to Europe this year. LNG.
Eni owns a stake in Egypt's Damietta LNG plant with a capacity of more than 7.5 billion cubic meters per year. Its largest shareholder is the state.
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