RIYADH: The EU is working on a deal to import Israeli gas through Egypt, as the bloc accelerates to reduce its dependence on Russian supplies, Bloomberg reported. 

The fuel will be converted into liquefied natural gas at processing plants in Egypt, before being shipped to the EU, according to Bloomberg.

The agreement will boost European market opportunities for Israel, where domestic gas prices are much lower than the prices it could charge on the continent.

Since the EU imported about 40 percent of its gas from Russia last year, it will need to tap into multiple fuel sources, in addition to increasing production of renewable energy to meet demand.

The EU, Israel, and Egypt will also work to increase cooperation on clean energy projects.