Egypt to help Gaza extract and export natural gas: Top Palestinian official

SectorOil & Gas

Mohamed Mustafa, the adviser to the Palestinian president for economic affairs, said on Monday that Egypt would help Palestine extract natural gas in the Mediterranean Sea and export it to other countries if needed. Mustafa’s remarks to the Voice of Palestine (VOP) come a day after Egypt and the Palestinian Authority signed a memorandum of understanding on developing the Gaza Marine natural gas field. The MoU was signed during a visit by Egypt’s Minister of Petroleum Tarek El-Molla to Ramallah and Israel, during which he met with Mustafa and Palestinian President Mahmoud Abbas. Minister El-Molla also met with Israel's Energy Minister Yuval Steinitz in Jerusalem. The Egyptian Natural Gas Holding Company (EGAS) will work with the Palestinian Authority on a deal to extract natural gas from the Mediterranean Sea and transport it to Palestinian areas, Mustafa said. The natural gas surplus after extraction will be available for sale to the Egyptian side, he added. Mustafa said Egypt can more...