A Syrian, Egyptian and Lebanese memorandum of understanding to transport, market natural gas
In the presence of the Lebanese prime minister Rafik al- Hariri a memorandum of understanding was signed on Friday in Beirut between Syria, Egypt and Lebanon on the transportation and marketing of natural gas.
On the Syrian side the memo. Was signed by minister of oil Maher Jammal and minister of oil in Egypt Sameh Fahmi and the Lebanese side was attended by Muhammad Abdul hamid Beydoun, the minister of energy and waters, in the presence of the secretary general of the Syrian- Lebanese higher council Nasr al-Kouri.
The project aims at transporting Egyptian and Syrian gas prepared for exportation to Lebanon, Jordan, Turkey and European countries to market it to meet the local demands of gas in these countries.
In a statement to pressmen following the signing ceremony, the Egyptian minister said the pipeline worth US $ 1 billion and that it would start near al-Arish in Egypt in Northern Egypt and run under the waters of the Mediterranean to Lebanon and Turkey through Syria.
The Syrian minister stressed the importance of the project which constitutes a turning point in boosting joint regional Arab co-operation and which signifies a vivid example on integrated Arab economy.
For his part, the Lebanese minister said that this project will strengthen the economic potentials of the participating countries and have positive impact on their general conditions.
