AMMAN — The Egyptian and Jordanian governments inked Saturday a cooperation deal which allows Egypt to utilize the floating storage regasification unit (FSRU), located at Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's port, in Aqaba City on the Red Sea.

The deal was signed by head of Jordan's National Electricity Company Amjad Al-Rowashda and chairman of Egyptian Natural Gas Holding Company (EGAS) Majdi Jala, in the presence of Egypt's oil minister Tareq Al-Mulla and Jordan's energy minister Saleh Al-Kharabsah.

In a remark after signing the agreement, Al-Rowashda said the deal enables Egypt to use the unit located at Sheikh Sabah natural gas port in Aqaba until 2025.

Concerning the expected benefits of the deal, he added that it contributes to reducing the operational costs of the LNG port in Aqaba and protecting the Jordanian National Electricity Company from price fluctuation in case it needs LNG for any emergency.

Meanwhile, Al-Mulla said Egypt has expertise in using natural gas and will benefit Jordan in this field, referring to cooperation between the two countries in some energy projects.

Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's port, which was funded by Kuwait, began commercial operation in 2015.

As per the deal, Egypt will utilize the floating storage vessel in Aqaba, Jordan. for gas processing. In return, Jordan will receive liquefied natural gas from Egypt and will, when required, pump back a portion of the natural gas through existing pipelines between the two nations.

Al-Kharabsah highlighted the agreement's primary objective of maximizing resource utilization while reducing costs for both countries.

Al-Mulla stressed the importance of bilateral cooperation in various projects, particularly those centering on energy efficiency, carbon reduction and tackling global warming, where natural gas plays a pivotal role. — Agencies