Oil & Gas
President Sisi ratifies the East Mediterranean Gas Forum (EMGF)
The final step to setting up the East Mediterranean Gas Forum (EMGF) and its Cairo HQ was cleared on Thursday after President Abdel Fattah El Sisi ratified its founding charter, per the Official Gazette. The regional organization officially came into being in March, after its founding members signed the charter in September last year.
About the forum: Headquartered in Cairo, the forum will focus on developing collaboration policies and strategies in the sector, technical and commercial exchange, infrastructure development, and financing facilitation for project exploration. The founders will exchange information and seismic data on potential gas finds, and negotiate ownership of fields that straddle maritime borders.
Any EastMed country is allowed to join, as long as it supports the objectives of the forum. Member countries also need to either produce or consume natgas, and membership is dependent on a unanimous vote of founding members Egypt, Cyprus, Greece, Israel, Italy, Jordan and Palestine. The US, the EU and the World Bank are all observers, while France has joined as a member.
Private and public sector companies will also be included as members of an advisory committee. These can include international or national oil companies, as well as any company involved in the natgas production and selling process.