The European Commission is about to unveil its EUR 210 bn plan to phase out Russian gas over the next four years by looking to other suppliers (like Egypt) and quickening its transition to green energy, Reuters reports, citing draft documents it has seen.
The plan should outline where the EU plans to get its alternative fuel, whether from Egypt, Israel, or Nigeria, as well as the infrastructure needed to circumvent Russia, according to the newswire.
The EU has been rethinking its reliance on Russian energy sources since its war on Ukraine, but some hurdles, including Hungary’s refusal to back the embargo, have left the phase-out plan’s fate uncertain.
Egypt has been in talks with the EU over increasing LNG imports for months now, and Italian energy firm Eni has already signed an agreement to boost Egyptian LNG exports to Europe by boosting its gas production here.
In 2018, Egypt saw the discovery of the largest gas field in the region; two operating liquefaction plants; and a pact to bring in Israeli gas from neighbors’ massive offshore fields.
The EU has been working with international partners to find alternative energy supplies. In the short-term, seeking alternative supplies of gas, oil and coal, and looking to the future, seeking renewable hydrogen.
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