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Egypt and Greece Sign MOU for Oil and Gas Exploration

Source: www.oilegypt.com 5/7/2006, Location: Africa

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Eng. Sameh fahmi, Minister of Petroleum and the Minister of development in Greece signed an MOU for mutual co-operation in oil and gas exploration and exploitation, in addition to discussing the best economic means to transfer and export gas` to Greece either through LNG, CNG or pipelines where Greece will become a transit point in transferring gas to Europe and forming a joint work group from the two countries' experts to activate the co-operation in oil and gas industry and extending pipelines.

The Minister of Development in Greece declared that they have already started studying the implementation of a project to transfer CNG to the Greek islands such as Crete and Rhodes in co-operation with the Egyptian side. And he pointed out that by the end of 2006, the natural gas pipeline between Turkey and Greece will be completed along with studying the establishment of Gas pipeline between Greece and Italy. The two pipelines will enable transferring the gas from Italy to Turkey and it is expected to play a major role in transferring the Egyptian natural gas to Turkey where it will be a port to open new markets for the Egyptian gas.

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