Cyprus to Send Gas to Egypt via Subsea Pipeline
- Business & Finance
Cyprus has signed an agreement concerning the transport of natural gas to Egypt via a direct subsea pipeline.
The deal was signed in Nicosia on Wednesday, August 31, 2016 by the minister of energy, commerce, industry and tourism of the Republic of Cyprus, Georgios Lakkotrypis, and the minister of petroleum and mineral resources of the Arab Republic of Egypt, Tarek El Molla,
It is one of a series of legal arrangements which should further support the sale of Cypriot natural gas to buyers in Egypt, provide certainty to investors and complement the relevant commercial discussions which are underway.
Against this backdrop, the governments of Cyprus and Egypt are said to have decided to speedily proceed with discussions on a bilateral agreement for the pipeline from Cyprus to Egypt, which should be intended to facilitate the realization of the project within the maritime areas of jurisdiction of the two countries.
“Cooperation in the oil and gas sector between the two countries will further deepen the excellent relations between Cyprus and Egypt to the mutual benefit of the peoples of Cyprus and Egypt, and will also further unlock and promote the potential of the Eastern Mediterranean as a whole,” Ministry of Energy of Cyprus and the Ministry of Petroleum of Egypt said in a joint statement.