Egypt and Palestine signed a memorandum of understanding (MoU) between the partners of the Gaza gas field; the Palestine Investment Fund (PIF), the Consolidated Contractors Company (CCC), and the Egyptian Natural Gas Holding Company (EGAS) to develop the Gaza gas field and the necessary infrastructure.

This came during Tarek El Molla’s, Egypt’s Minister of Petroleum and Mineral Resources, meeting with  Zafer Melhem, Palestinian Minister of the Energy Authority, and Mohammad Mustafa, Chairman of the Board of Directors of PIF and Senior Advisor to the Palestinian President on Economic Affairs. The development of the Gaza gas field will impact Palestine significantly, specifically when it comes to the energy crisis afflicting the Gaza Strip. It will also provide the Jenin power plant with gas and contribute to restoring the Palestinian independence and relying on national resources in the energy sector. Both sides affirmed the need to accelerate the development of the Gaza gas field, emphasizing the importance of the Eastern Mediterranean Gas Forum (EMGF) in facilitating the use of its member states of their natural resources.