Israel and Egypt will aim to boost natural gas exports to Europe under a memorandum of understanding (MoU) signed on Wednesday as the continent looks to replace Russian energy imports.

The export deal signed will allow the export of Israeli natural gas to the EU, according to Israeli Minister of Energy and Water Resources Karine Elharrar.

Under the agreement, the EU will encourage European companies to participate in Israeli and Egyptian exploration tenders, the Israeli energy ministry said.

(With input from Reuters)