Egypt and Cyprus yesterday signed an agreement that allows both countries to construct a maritime pipeline between both countries, enabling the transfer of natural gas from Cyprus to Egypt for re-export to various markets, especially the European Union (EU) countries.
Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, and the Cypriot minister of Energy, Industry, Tourism and Trades, Georgios Lakkotrypis, both had a meeting in which the agreement was reached and signed by both parties.
The project will involve building a pipeline to transfer natural gas from the Cypriot Aphrodite field to Egypt’s Liquefied Natural Gas (LNG) facilities at about $800 million.
Egyptian Minister, El-Molla, said that the agreement will contribute to boosting the economic relations between both countries and is considered an important step in maximising the benefit of the discoveries of the Cypriot gas fields.
Image Credit: Middle East Monitor