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Cyprus, Egypt Sign Deal Paving Way for Gas Pipeline

Source: 8/31/2016, Location: Africa

Eng. Tarek El-Molla, Egyptian Minister of Petroleum and Mineral Resources, and Cypriot Minister of Energy, industry, tourism and Commerce , Mr.Yiorgos Lakkotrypis signed an Agreement of Intent between both countries to transfer Cypriot natural gas to Egypt.

Eng. Tarek El Molla clarified that 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 their peoples. Also, the Agreement will further unlock and promote the potential of the Eastern Mediterranean as a whole, boosting Egyptís position to become a regional energy hub.

The deal is considered a preliminary agreement for transporting Cypriot gas to Egypt via a subsea pipeline from the Exclusive Economic Zone of the Republic of Cyprus to a landing point in the Exclusive Economic Zone or onshore the Arab Republic of Egypt. Thatís in order to be transferred to the Egyptian Natural Gas National Grid or to be re-exported through LNG facilities plants in Egypt.

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