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Eastern Mediterranean countries agreed on Monday to establish an organisation to spearhead efforts to transform the region into a gas hub, yet they left out two key regional states.
Egypt, Cyprus, Greece, Israel, Italy, Jordan and the Palestinians met in Cairo to set up the eastern Mediterranean Gas Forum to build a regional gas market, cut costs and offer competitive pricing, Reuters reported .
Turkey and Lebanon were left out of the meeting, though both began exploratory drilling in the eastern Mediterranean last year. Both countries’ claims to eastern Mediterranean waters have been disputed: Turkey’s by Cyprus; Lebanon’s by Israel.
The new organisation will be based in Cairo and aim to “create a regional gas market that serves the interests of its members by ensuring supply and demand, optimising resource development, rationalising the cost of infrastructure, offering competitive prices and improving trade relations,” Egypt’s Petroleum Ministry said in a statement.
Other eastern Mediterranean countries could join the forum later, the statement said.
Egypt, Cyprus, Greece, Israel, Italy, Jordan and the Palestinians met in Cairo to set up the eastern Mediterranean Gas Forum to build a regional gas market, cut costs and offer competitive pricing, Reuters reported .
Turkey and Lebanon were left out of the meeting, though both began exploratory drilling in the eastern Mediterranean last year. Both countries’ claims to eastern Mediterranean waters have been disputed: Turkey’s by Cyprus; Lebanon’s by Israel.
The new organisation will be based in Cairo and aim to “create a regional gas market that serves the interests of its members by ensuring supply and demand, optimising resource development, rationalising the cost of infrastructure, offering competitive prices and improving trade relations,” Egypt’s Petroleum Ministry said in a statement.
Other eastern Mediterranean countries could join the forum later, the statement said.