ECONOMY


Cairo declaration establishes Eastern Mediterranean Gas Forum with seven countries

Baku, January 15, AZERTAC

The energy ministers from seven Eastern Mediterranean countries declared on Monday in Cairo the establishment of the East Mediterranean Gas Forum (EMGF), which includes Egypt, Cyprus, Greece, Italy, Israel, Jordan and Palestine, to boost the gas market in the region, a statement by the Egyptian petroleum ministry read, according to Ahram Online.

The forum's aim is to have "an international organization that respects the rights of members with respect to their natural resources in accordance with the principles of international law, and supports their efforts to benefit from their reserves and use of infrastructure."

The ministers agreed that Cairo will be the headquarters of the forum.

Eastern Mediterranean countries who agree with the forum's interests and objectives will have the right to join along with the founding members.

During the meeting, the ministers noted that the large gas discoveries in the offshore fields in the Eastern Mediterranean will have a major impact on the energy and economic development in the region.

The ministers called on senior officials to make their proposals about the structure of the forum, which will be discussed by the ministers during the next meeting, scheduled for April 2019.

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