Arab Finance: Egypt, Cyprus, and Chevron signed a memorandum of understanding (MoU) on February 17^th, marking a major step forward for the Aphrodite gas project, as per an emailed press release.

This agreement will help finalize key commercial arrangements and strengthen energy cooperation in the region. 

“Chevron and our Joint Venture partnership remains committed to developing and advancing the Aphrodite project, which is a significant resource for Cyprus and an important part of Chevron’s Eastern Mediterranean portfolio as well as providing natural gas supplies to Egypt to help meet the country’s growing energy demand,” Frank Cassulo, Vice President, Chevron International Exploration & Production, said.

The project’s plan includes a Floating Production Unit in Cyprus’ Exclusive Economic Zone (EEZ) and a pipeline to transport gas to Egypt.

Chevron sees this as part of its broader strategy, with the company holding a gross resource of 45 trillion cubic feet of natural gas in the Eastern Mediterranean.

As the project moves ahead, officials believe it will strengthen economic ties, support energy security, and help meet growing energy demands in Egypt and beyond.

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