The Minister of Energy of Cyprus Mr. Lakkotrypis and the Minister of Petroleum and Mineral Resources of Egypt Mr. Ismail signed on the 16th of February a Memorandum of Understanding for the exploitation of oil and gas.
The Memorandum of Understanding seeks to facilitate the cooperation between the two countries in the development and exploitation of Aphrodite gas field, located in block 12 of Cyprus’ exclusive economic zone, utilizing Egyptian gas infrastructure. The Memorandum of Understanding authorizes the Egyptian Natural Gas Holding Company and Cyprus Hydrocarbons Company Ltd to research technical solutions for transporting natural gas through a direct marine pipeline from the Aphrodite field to Egypt for the mutual benefit of both countries.
The Memorandum of Understanding will be achieved in cooperation with companies involved in the import of liquefied natural gas. The goal is that an agreement will be concluded within six months from the date of the signing of the Memorandum of Understanding. This represents an important step towards the exploitation of Cyprus’ natural gas and the strengthening of the financial ties between Cyprus and Egypt.