13 February 2019, 11:30
Nefeli TzanetakouThe East Med gas pipeline received an unequivocal "no" from Egypt.
Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, in an interview with the Cyprus News Agency, said he was opposed to the transportation of gas from East Mediterranean to Europe via the East Med pipeline.
He even justified his position by saying that the feasibility study for this project would last up to two years, which in itself is a luxury the region of Eastern Mediterranean can no longer afford.
"I would say there are many options for Eastern Mediterranean. However, we believe that Egypt is the best choice both economically and politically. Existing facilities and infrastructure for LNG processing and storage provide Egypt with a competitive advantage, as each existing facility will cost about USD 10 billion to be realized, thus making it the most economical option. In addition, Egyptian policy is the open market and the pursuit of maximum benefit for all parties, both for producers and for consumers. We encourage choices that can help producers exploit their resources and consumers to secure their needs in the most efficient, fast and sustainable way and at the lowest cost", the Egyptian official said.
