The Egyptian Minister of Petroleum and Mineral Resources, Tariq El-Molla, yesterday announced that 320 trillion cubic feet of gas were discovered in the Eastern Mediterranean region which could turn the area into a global centre for the gas industry.
The seven-member states of the East Mediterranean Gas Forum, Egypt, Israel, Cyprus, Greece, Jordan, Italy, and the Palestinian National Authority, yesterday officially turned the alliance into a regional organization headquartered in Cairo.
The Egyptian Ministry of Petroleum said in a statement that the forum aims to establish a regional market for gas, rationalize the cost of infrastructure and offer competitive prices.
The forum was launched in January 2019 to reinforce cooperation among member states.