Memorandum of Cooperation between the Hellenic Republic and the Arab Republic of Egypt in the field of natural gas and oil.

The subject of this Memorandum of Cooperation is to establish a framework for the basis of joint cooperation between the Parties in the field of gas as well as in the field of research, extraction and exploitation of oil and exchange of know-how in these fields. The Parties shall assess and evaluate the possibility of selling and transferring, through pipelines, Egyptian natural gas to Greece and from there to other European countries, and study the related terms. The Parties shall also extend the existing cooperation in the field of exporting Egyptian natural gas in the form of compressed natural gas(CNG) and start implementing the detailed development plans.
The Memorandum does not constitute any selling, purchasing nor transfer obligations to either Party.