A game-changing group was set up in Cairo in January this year to set policies for the exploitation of the natural gas in the East Mediterranean in the shape of the East Mediterranean Gas Forum (EMGF).
Egypt, Greece, Cyprus, Italy, Israel, Palestine, and Jordan all signed the forum’s charter in the presence of representatives from the European Union and the World Bank. France has filed a request for membership, and the United States has issued a request to be a permanent observer at the forum.
The steps taken during the meeting and the signing of the forum’s charter are of historical proportions. It may represent the first steps towards a gas lobby to parallel that of the oil producers in OPEC, and the group should be able to monitor and safeguard the production of gas and prevent prices from falling below profitable economic margins.