Seven Countries Agree To Establish East Mediterranean Gas Forum

Seven countries have announced establishment of the 'East Mediterranean Gas Forum' to be based in Egypt's capital Cairo, Jordan's Petra news agency said on Tuesday

CAIRO, (APP - UrduPoint / Pakistan Point News - 15th Jan, 2019 ) :Seven countries have announced establishment of the 'East Mediterranean Gas Forum' to be based in Egypt's capital Cairo, Jordan's Petra news agency said on Tuesday.

Energy ministers from Jordan, Palestine, Egypt, Italy, Israel, Cyprus and Greece at a meeting in Cairo on Monday signed the agreement to create the forum, aimed at establishing a regional gas market to serve the interests of members by providing supply and demand, optimizing resource development, rationalizing infrastructure cost, offering competitive prices and improving trade relations.

The Egypt's Ministry of Petroleum in a statement said neither the Eastern Mediterranean producing or consuming countries, or transit countries, could join the forum later, Petra added.

Ministers called on their countries' officials to start formal talks on the structure of the forum and present their proposals to the next ministerial meeting scheduled in April, according to the statement.