Greek gas importer Depa could soon source LNG from Egypt. Energy ministers of the two countries signed a memorandum of understanding on November 25 in Cairo, aimed at expanding bilateral cooperation between Greece and Egypt.
In a statement issued on Monday (November 29th), the Greek state-owned gas group said that “the strategic cooperation between Greece and Egypt creates opportunities for specialized agreements between Depa Trading and Egas, the Egyptian state gas company”. Such an agreement contributes “to Greece’s ambition to become an energy center for the south-eastern Mediterranean”.
Greece has an operating LNG import terminal at Revithoussa, which began operations in 2000 and increased capacity in 2018. However, the government is supporting a second plant at Alexandroupolis as part of efforts to transform the country into a regional gas hub, with a third import terminal also being developed by the Greek company Motor Oil.
Greece received ten cargoes from Algeria under the long-term supply contract between the two countries, while nine more cargoes were imported from the United States and six from Qatar.
According to Konstantinos Xifaras, CEO of Depa, this Greek-Egyptian merger will allow Greece to diversify its sources and routes of supply. The goal is to ultimately achieve energy self-sufficiency.
In addition to the agreement with Greece, Egypt also signed a new agreement with Israel. The country has also moved closer to Cyprus. Greece, Israel, Cyprus and Egypt together constitute an energy cooperation in the making in the Mediterranean
