Egypt, Cyprus mull fortifying cooperation in natural gas sector

Updated 11/6/2024 1:41:00 AM

Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi held a meeting with Cypriot Minister of Energy, Commerce, and Industry Giorgos Papanastasiou to discuss ways to enhance cooperation in the natural gas sector between Egypt and Cyprus, as per a statement.

The meeting took place during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) held from November 4^th to 7^th.

Papanastasiou expressed interest in strengthening Cyprus's strategic partnership with Egypt through active dialogue, particularly in the natural gas sector.

He highlighted Egypt’s significance as a regional partner and voiced support for using its liquefaction facilities to export Cypriot gas, citing the economic advantages of this option.

Meanwhile, Badawi emphasized the longstanding strategic partnership between Egypt and Cyprus, especially in energy, reassuring Egypt’s commitment to providing full support for the Cypriot side.

Both ministers reviewed the ongoing negotiations regarding adjustments to the intergovernmental agreement on establishing an undersea pipeline to transport gas from Cyprus to Egypt, mulling over expanding the agreement to cover future gas projects.

They also reviewed developments in Cyprus’s Aphrodite and Cronos fields and linking them to Egyptian facilities for enhanced economic benefits.

Additionally, the ministers followed up on the recent updates regarding the commercial structure for developing the Cronos field, with a focus on securing mutual interests for Egypt, Cyprus, and involved energy companies.