The MoU also includes the possibility of using the existing pipeline between the two countries to transport hydrogen in the future, the statement read.
The agreement comes within the framework of efforts to expand the use of natural gas to reduce greenhouse gas emissions in the region, the statement added.
The MoU was signed between Egypt's Petroleum Minister Tarek El-Molla and Israel's Energy Minister Karine Elharrar on the sidelines of the Sixth Ministerial Meeting of the East Mediterranean Gas Forum held in Cairo earlier today.
Thursday's statement added that both Egyptian and Israeli sides affirmed the significance of cooperation to reduce harmful emissions to counter climate change and maintain energy supplies in the region.
El-Molla emphasized the importance of supporting joint cooperation in order to benefit from the natural resources in both countries, saying "natural gas will play a pivotal role during the next phase of transition from fossil fuels to the use of clean energy within the framework of global efforts to achieve this goal."
Elharrar said Egypt is an important partner in achieving energy security in the region and also to combat the climate crisis.