On Sunday, October 20, DESFA signed cooperation agreements with the most important Egyptian gas companies, EGAS and GASCO, on the sidelines of the Mediterranean Offshore Conference (MoC) in Alexandria (October 20-22).

As part of the conference, held under the auspices of the Egyptian Ministry of Petroleum and Mineral Resources, DESFA CEO Maria Rita Galli participated in a session on attracting investment in the energy markets of Mediterranean countries, along with distinguished speakers from the Egyptian gas market.

DESFA signed a Cooperation Agreement with EGAS (Egyptian Natural Gas Holding Company), the company responsible for the organization and management of all gas-related activities in Egypt. The agreement, signed by DESFA CEO Maria Rita Galli and EGAS Executive Managing Director Yasseen Mohamed in the presence of Egypt's Minister of Petroleum and Mineral Resources Karim Badawi and Greece's Secretary General of Energy and Mineral Resources Aristotle Aivaliotis, covers a number of issues of mutual interest in the field of carbon capture, utilization, and storage (CCUS).

The agreement provides for enhanced cooperation between the two companies to assess the CCUS market in Greece, Egypt, the EU, and more broadly, exchange of relevant know-how, assessment of the prospects and overall costs of the value chain for CO2 storage in Egypt, identification of other potential areas of cooperation (commercial and business models), regulatory framework, as well as identification of barriers to further development of the CCUS value chain. DESFA and EGAS also agree to establish a joint liaison with national and European authorities to ensure more effective cooperation between Egypt and the EU for the development of the CCUS market.

MEMORANDUM OF UNDERSTANDING

DESFA also signed a Memorandum of Understanding with GASCO, the operator of Egypt's gas transmission system. The MoU signed by DESFA's CEO, Maria Rita Galli, and GASCO's President and CEO, Eng. Yasser Salah El-Din, aims to promote cooperation between the two companies in areas of common interest, forming the basis for intensifying future cooperation between DESFA and GASCO in exploring the development of the necessary gas infrastructure for the transportation of natural gas, hydrogen, and renewable gases to other countries. The two sides express their commitment to develop long-term cooperation, agreeing to explore the technical requirements for possible new investments, interconnections, and/or improvements of national networks with regard to gas, hydrogen, and biomethane.

To this end, DESFA and GASCO will share expertise in the field of gas transmission and processing. They will also cooperate—through joint ventures or technology exchange—on innovative actions for carbonisation, as well as on green energy initiatives such as hydrogen and CCUS projects, but also on projects for the development of the necessary CCUS infrastructure and the integration of renewable energy. In addition, there will be mutual support on regulatory compliance, market analysis, and risk management, exchanging views to optimise their commercial strategies.

At the same time, they will work to align regulatory frameworks to facilitate cross-border gas flows and investments. A key element of the MoU between DESFA and GASCO is the strengthening of LNG infrastructure such as storage, regasification, and transportation, as DESFA's significant experience in managing LNG terminals and regasification projects (Revithoussa LNG Terminal, KIPIC LNG Terminal in Kuwait) could be leveraged to optimise GASCO's LNG supply chain. Finally, the two companies will explore the possibilities of cooperation to integrate other markets in the Eastern Mediterranean, enhance regional energy security, and optimise regional supply while promoting digitalisation in the operation and maintenance of gas networks. A joint working group will monitor the implementation of these initiatives.

On the occasion of these important milestones, DESFA CEO Maria Rita Galli, during her intervention at the Mediterranean Offshore Conference (MoC), stressed the importance of cooperation between Greece and Egypt to ensure security of supply in the region and promote carbonization, noting that Greece can be a hub for the export of energy from Egypt to Europe.