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    Greece, Egypt expand gas ties

Summary

Earlier the pair agreed to link up their power grids. [image credit: Greek energy ministry]

by: Joseph Murphy

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Greece, Egypt expand gas ties

Greece and Egypt have signed a memorandum to expand cooperation in the LNG sector and consider building a gas pipeline between them, the Greek energy ministry reported on November 25.

Egyptian gas production has soared in recent years on the back of the development of the Zohr field and other offshore gas deposits. Greek, meanwhile, wants to position itself as a hub for gas trade and seek out additional supplies to support its transition away from coal-fired power. It currently gets gas mostly from Algeria, Azerbaijan and Russia.

Greece's energy ministry said the memorandum would form a basis for future agreements between Greek and Egyptian firms.

The deal comes weeks after Greece and Egypt agreed to build a subsea cable to link their power grids.