The Egyptian Natural Gas Holding Company (EGAS) and the Greek Copelouzos Group signed a shareholders’ agreement to establish a joint company, based in Greece, with the aim of trading, transporting, supplying and regasifying gas in Eastern European countries and Greece, according to a statement released by Ministry of Petroleum and Mineral Resources.

The signing ceremony was in the presence of Minister of Petroleum and Mineral Resources, Karim Badawi.

Badawi stated that the agreement marks the beginning of future opportunities for expanded cooperation. He highlighted the potential for exchanging expertise and capabilities between the petroleum sector and the Greek group, particularly in meeting the energy needs of both countries.

Dimitris Copelouzos, Head of the Greek Group, expressed the group’s interest in leveraging the capabilities of the Egyptian petroleum sector, particularly the liquefied natural gas (LNG) plants in Damietta and Idku.

He also voiced optimism about deepening the partnership with the Egyptian petroleum sector and the new Egyptian government through future projects.

Yasseen Mohamed, Chairman of EGAS, emphasized that the agreement underwent extensive study and preparation in recent months, marking a starting point for strengthening the partnership between both parties in the future.