DEPA Commerce – EGAS deal for Egyptian gas supply underway

Athens and Cairo are proceeding with the further strengthening of the diplomatic relations between Greece and Egypt with energy.

According to information, the Minister of Environment and Energy, Costas Skrekas, will go to the Egyptian capital tomorrow, accompanied by the CEO of DEPA Commerce, Costas Xifaras.

The Greek Minister will participate in the 6th meeting of the Mediterranean states – members of the EastMed Gas Forum. On the table of the competent ministers of Greece, Egypt, France, Italy, Israel, Jordan and Palestine will be the developments in the gas market and energy as a whole, as well as issues concerning the EMGF organization.

Sources say that on the sidelines of the EMGF, Costas Skrekas may have a meeting with his Egyptian counterpart, while talks will be held between Costas Xifaras and the management of the Egyptian state gas company EGAS. According to information, the two sides will consider the possibility of an agreement for the Greek company to acquire quantities of LNG from EGAS.

The agreement becomes particularly important as the energy crisis in the EU is on the rise, while in this way DEPA Commerce seeks to secure more sources of gas supply at competitive prices. If something happens, it will lead to a reduction in the energy costs of the customers of the Greek state-owned company.

DEPA Commerce and EGAS, they say, have been in negotiations for a long time. In addition, DEPA International Works is discussing with the Egyptian company the possibility of cooperation in the context of the development of the ambitious investment plan for the construction of the EastMed gas pipelines.