The European Bank for Reconstruction and Development (EBRD) has signed a memo of understanding with Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company (EGAS) and Ganoub El-Wadi Petroleum Holding Company (Ganope) under the sponsorship of the Petroleum Ministry.
In a statement, EBRD said it would work on boosting cooperation with the Egyptian side to reduce the gas emissions.
Egyptian oil refineries will also be modernized to meet international environmental and health standards, the statement added.