Egypt and Cyprus signed a memorandum of understanding for cooperation in the field of oil and gas.
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, according to a joint statement by the Cypriot Minister of Energy, Yiorgos Lakkotrypis and the Egyptian Minister of Petroleum, Sherif Ismail.
In particular, the MoU authorizes the Egyptian Natural Gas Holding Company and the Cyprus Hydrocarbons Company to examine technical solutions for transporting natural gas, through a direct marine pipeline, from the “Aphrodite” field to Egypt. This will optimize the use of the gas infrastructure and achieve an added value for both Cyprus and Egypt. This undertaking will be carried out in cooperation with concerned stakeholders in upstream and LNG activities.
Both countries are aiming to conclude the agreement within six months from the date of the signature of the memorandum of understanding.
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