Egypt and the United States signed on Friday a memorandum of understanding (MoU) to boost bilateral cooperation in the oil and gas industry.

The MoU was signed in Cairo by Egyptian Minister of Petroleum and Mineral Resources Tareq al-Molla and US Secretary of Energy Rick Perry, according to a statement released by the Egyptian Petroleum Ministry.

The agreement is meant to facilitate the exchange of technical information, consultancy services and the transfer of technology in the fields of oil and gas exploration, production and refining, as well as petrochemicals, the statement said.

Egypt aims to become a regional gas hub for the trade of liquefied natural gas after major gas discoveries in recent years, including the Zohr gas field which holds an estimated 30 trillion cubic feet of gas.

Last September, the North African country announced self-sufficiency in natural gas consumption with the gradual increase in local production and the plan to develop major gas fields in the Mediterranean in cooperation with giant international companies.