West Bank, ALRAY - Palestinian Investment Fund signed on Sunday a memorandum of understanding with the Egyptian Natural Gas Holding Company (EGAS) to develop the Gaza Marine gas field.
A joint statement followed a meeting that included the Chairman of the Board of Directors of the Investment Fund, Muhammad Mustafa, the President of the Palestinian Energy Authority, Zafer Melhem, and the Egyptian Energy Minister Tariq Al-Mulla, at the presidential headquarters in Ramallah.
The Fund , the sovereign fund of the Palestinian Authority, said the agreement will provides the Palestinian needs of natural Gas, and it may export some to Egypt.
The statement quoted Mustafa as saying that the fund ,as a stockholder in the Gaza Gas Field Development Company, attaches importance to facilitating and accelerating the process of developing the field, extraction and transportation of Palestinian gas.
Egyptian Energy Minister, Mulla hoped that the visit will achieves tangible results in support Palestine's sovereign rights over its natural resources, including the Gaza gas field, and to start developing it as soon as possible.
Mulla stressed Egypt keens to do whatever is necessary to boost the Palestinian national economy, expressed his hope that the visit would enhance the sovereign rights of Palestine over its natural resources or in terms of strengthening the existing cooperation between the two brotherly countries.
" The two sides agreed on the Palestinians' right to exploit their natural resources as Palestine is a member of the Eastern Mediterranean Gas Forum, that one of its founding clauses stipulates facilitating the exploitation of the member states of their natural resources," according to the statement.
He considered developing the Gaza Gaz field as a positive shift in the interest of the energy sector in Palestine, specifically in finding a radical solution to the energy crisis in Gaza.
President of Palestinian authority stressed the importance of cooperation between the Palestinian and Egyptian sides in the economic and investment fields and takeing advantage of Palestinian natural resources, and the need to exchange experiences in the field of natural gas extraction and to benefit from the Egyptian experience in this field.
The Palestinians own the first field discovered in the eastern Mediterranean at the end of the 1990s, known as the "Gaza Marine" field. Gas has not been extracted from it until today, due to Israeli refusal of Palestinian requests to exploit it.
The field is located 36 kilometers west of the strip in the waters of the Mediterranean, and was developed in 2000 by the British Gas Company, "British Gas".