Egypt seeks to boost gas exports to Europe as Russia-Ukraine war drags on

Egypt hopes to boost its natural gas exports at a time when European Union (EU) countries are gradually giving up reliance on Russian hydrocarbons, including gas, in the wake of Russia’s invasion of Ukraine.

The EU obtains around 40% of its natural gas needs from Russia. Amid the absence of an accessible alternative and in case the provision of supplies is obstructed, the EU countries hope to decrease their Russian gas imports by two-thirds in 2022, as part of a plan for independence from Russian fossil fuel by 2027.

The price of natural gas reached a record level in Europe and the United Kingdom recently, amid concerns over supplies following the Russian invasion of Ukraine. Meanwhile, the EU is still studying the possibility of imposing sanctions on the Russian energy sector, in the hope that Moscow will back down.

However, Russian Deputy Prime Minister Alexander Novak threatened in a televised speech March 8 to cut off natural gas supplies to Europe if the West went ahead with imposing a ban on its energy exports.