Israel, Egypt and the European Union signed a historic series of agreements that promotes natural gas exports from Israel using its leakage in Egypt, to Europe.

The memorandum also deals with an optimization plan of the process, which will most likely lead to the construction of a pipeline that will be used as a gas export infrastructure in the future. "We will help Europe diversify its energy sources, insofar as the circumstances in which this is happening sadden us," said Minister Karin Elharar, referring to the war in Ukraine that prompted the EU in the first place to deal with Israel on matters of gas.

The parties involved in the Memorandum recognize that natural gas will be used for energy purposes at least until 2030, after which its consumption in Europe will gradually decrease until 2050. According to the Memorandum, the EU will encourage European companies to participate in competitive natural gas exploration and production processes both in Israel and Egypt.

Israel is now easing Europe`s energy shortage by supplying natural gas. pic.twitter.com/Y7cmJVBa0c

— RedLehi (@LehiRed) June 18, 2022

Ursula von der Lane, President of the European Commission, who was present at the signing ceremony, clarified that this is a cooperation that the Europeans plan to benefit from for many years. "This is the beginning of a long success story," she said.

Vladimir Putin, unsurprisingly, believes the West will not be able to sustain itself without oil and gas that Russia has been supplying for years. However, as Dr. Guy Leron, a senior lecturer in the Department of International Relations at the Hebrew University, explains, it is a long process to feel the change. "Political crises have led them to graze in other fields (Eastern Europe), sometimes in contrast to American pressure, but here we see how the crisis on European soil bring them back to our part of the world."

Shinners’ antisemitic heads explode at the prospect of #Israel, the small & very successful independent #Jewish state they love to hate, supplying natural gas to #Europe. Sour grapes of the sourest kind. https://t.co/ktgWrIaEGX

— Mel McDermott (@MelMacDiarmuid) June 18, 2022

Israel will gain about a billion NIS annually from the agreement. The estimate is based on the NIS 900 million that Israel put into the state coffers this year following the existing agreement with Egypt.

Energy Minister Elharar: "This is a tremendous moment when little Israel becomes a significant player in the global energy market.”