First Visit by Egyptian Minister to Israel in 5 Years

Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla meets Israeli PM Netanyahu. (Israeli PM’s office)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla meets Israeli PM Netanyahu. (Israeli PM’s office)
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First Visit by Egyptian Minister to Israel in 5 Years

Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla meets Israeli PM Netanyahu. (Israeli PM’s office)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla meets Israeli PM Netanyahu. (Israeli PM’s office)

Tel Aviv and Cairo have agreed to expand cooperation in the energy field.

The announcement was made during a visit by Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla to Israel on Sunday.

The Egyptian minister’s visit marked the first public visit to Israel by a senior Egyptian government official in five years.

“This is an important day, marking our continued cooperation on energy and so many other things,” said Israeli Prime Minister Benjamin Netanyahu upon receiving Molla.

“This began of course with the historic peace treaty between Egypt and Israel but is turning into something that can economically improve people’s lives.”

“We think that this is a great opportunity for regional cooperation among Egypt, Israel and the other countries,” he added.

“We are an energy hub. Together we can supply not only our own needs, but the needs of many other countries. So it is in this spirit of friendship and cooperation and peace and prosperity that I welcome you to Israel,” Netanyahu noted.

The meeting between Netanyahu and Molla was attended by Energy Minister Yuval Steinitz, National Security Adviser Meir Ben-Shabbat, Israel’s envoy to Egypt Amira Oron, Egyptian envoy to Israel Khaled Azmi, and Magdy Galal, chair of the state-owned Egyptian Natural Gas Holding Company, which manages Egyptian state shares in gas projects.

Steinitz welcomed his guest and said he was “happy and excited” to host Molla, the first Egyptian minister to visit Israel since 2016.

Molla’s visit focused on extending a pipeline linking Israel to the Sinai Peninsula in Egypt, in addition to developing gas fields and cooperation in gas exploration, and promoting the Eastern Mediterranean Gas Forum (EMGF).

Egypt, Israel, Greece, Cyprus, Italy, Jordan and the Palestinian Authority established the EMGF as an intergovernmental organization in September 2020. In December, the United Arab Emirates joined the Forum as an observer.

Egypt has been seeking to transform itself into a regional energy hub through the forum, which aims to establish a regional gas market, rationalize the cost of infrastructure and offer competitive prices.

Egypt began importing Israeli gas in early 2020, for possible re-export to Europe or Asia.

The 2015 discovery of the giant offshore Zohr field had unlocked interest in Egypt’s energy market and encouraged Cairo to promote itself as a regional hub.

Molla also signed a memorandum of understanding for Egypt to help develop the Gaza Marine field with the project’s two partners, the Palestine Investment Fund (PIF), the sovereign fund of the Palestinian Authority, and Consolidated Contractors Company.

They agreed to cooperate on developing the field and the necessary infrastructure that would provide Palestine’s needs of natural gas with the possibility of exporting part of it to Egypt.

The MoU was signed by Magdy Galal and advisor to the Palestinian President for Economic Affairs and Chairman of the PIF Board of Directors Mohamed Mustafa.



Gold Prices Dip on Profit-taking, US Data in Focus

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Prices Dip on Profit-taking, US Data in Focus

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices fell about 1% on Thursday as investors booked profits following a three-day rally, with markets eyeing US jobs data for clues on the Federal Reserve's rate path amid rising global trade tensions.

Spot gold, which dipped 0.5% to $2,904.51 an ounce as of 1211 GMT, has gained over 10% year-to-date. It hit a record high of $2,956.15 on February 24.

US gold futures also dropped 0.5% to $2,912.10.

"Gold seems to be experiencing profit-taking as investors closely watch tariff developments with prices trading toward $2,900 ahead of the non-farm payrolls report," Lukman Otunuga, senior research analyst at FXTM, said, Reuters reported.

Market focus is pinned on an escalating global trade war after the US imposed 25% tariffs on imports from Mexico and Canada on Tuesday along with fresh duties on Chinese goods.

Asian stocks rose as investors held out hope that trade tensions could ease after US President Donald Trump exempted some automakers from tariffs for a month.

Investors turn to gold as a safe haven asset when geopolitical and economic uncertainties loom.

"Unless there is a fresh direction catalyst, the current bearish price action may drag gold lower. Should prices break below the $2,900, this may signal further downside toward $2,880," Otunuga said.

The spotlight is on Friday's non-farm payrolls report, which is expected to show a gain of 160,000 jobs for February, economists polled by Reuters said.

Meanwhile, platinum prices were flat at $964.68 per ounce.

"We look for platinum to be undersupplied by 500,000 ounces, or 6.4% of demand, in 2025, keeping the metal in a deficit for a third consecutive year," UBS said in a note.

"Our market deficit should further reduce the above-ground inventories below 3 million ounces and help prices to move to USD 1,100/oz this year."

Spot silver dipped 0.7% to $32.39 an ounce and palladium shed 0.5% to $937.74.