Egypt and Cyprus have signed a Memorandum of Understanding (MoU) for cooperation in the field of oil and gas.
The deal was signed earlier today between Egypt’s Minister of Petroleum and Mineral Resources Sherif Ismail and the Minister of Energy, Commerce, Industry and Tourism of Cyprus, Yiorgos Lakkotrypis, in the presence of the Prime Minister of Egypt Ibrahim Mahlab.
The MoU will inter alia facilitate the cooperation between the two countries in the development and exploitation of the Cypriot “Aphrodite” gas field in block 12 of Cyprus’ Exclusive Economic Zone, utilizing gas infrastructure existing in Egypt for the mutual benefit of the two countries.
In particular, the MoU authorizes the Egyptian Natural Gas Holding Company (EGAS) and the Cyprus Hydrocarbons Company (CHC) Ltd to examine technical solutions for transporting natural gas, through a direct marine pipeline, from the “Aphrodite” field to Egypt.
This should optimize the use of the gas infrastructure and achieve an added value for both Cyprus and Egypt. According to the government of Cyprus, the aim is to conclude an agreement within six months from the date of the signature of this Memorandum of Understanding.