East Mediterranean States To Create Gas Forum - Egypt's Petroleum Ministry

Eastern Mediterranean states have agreed to establish a gas forum with headquarters in Cairo, Egypt's Ministry of Petroleum said Monday in a statement

CAIRO (UrduPoint News / Sputnik - 14th January, 2019) Eastern Mediterranean states have agreed to establish a gas forum with headquarters in Cairo, Egypt's Ministry of Petroleum said Monday in a statement.

This decision was taken at a meeting in the Egyptian capital, which was attended by the respective ministers of Egypt, Cyprus, Greece, Israel, Italy, Jordan and Palestine.

"The ministers expressed their intention to establish an Eastern Mediterranean Gas Forum designed to become an international organization that respects the rights of its members to use natural resources in accordance with international law," the statement reads.

The main goal of the organization would be "the formation of a regional gas market that meets the interests of the member states by ensuring supply and demand." In addition, the organization will focus on the most efficient use of resources and infrastructure, on maintaining competitive prices and improving the terms of gas trade. The forum participants will be engaged in the formation of a common regional policy in the field of natural gas.

The organization will also be open to new members, according to the document.