Cairo, Jan 17 (IANS): Seven countries on Thursday adopted an institutional framework to create the Eastern Mediterranean Gas Forum to be based here, a media report said.

"The seven Mediterranean countries -- Cyprus, Greece, Israel, Italy, Jordan, Palestine and Egypt -- have implemented a clear roadmap that contributes to finishing the foundation framework for the official launch of the forum," Egypt Oil Minister Tarek al-Molla was quoted as saying by an Oil Ministry statement.

The seven countries agreed on January 14, 2019 to set up the forum to create a regional gas market, cut infrastructure costs and offer competitive prices, Xinhua reported.

The organisation aims to "create a regional gas market that serves the interests of its members by ensuring supply and demand, optimising resources development, rationalising the cost of infrastructure, offering competitive prices and improving trade relations," said the statement.