Egypt, Cyprus sign 2 agreements to develop natural gas discoveries

Updated 2/18/2025 2:22:00 AM
Egypt, Cyprus sign 2 agreements to develop natural gas discoveries

Arab Finance: Egypt and Cyprus signed two agreements to begin developing Cypriot natural gas discoveries, using Egyptian infrastructure, as per a statement by the Egyptian Ministry of Petroleum and Mineral Resources.

The agreements were signed during the Egypt Energy Show (EGYPES 2025) in the presence of Egyptian President Abdel Fattah El-Sisi and Cypriot President Nikos Christodoulides.

They align with Egypt’s strategy to position itself as a regional hub for natural gas trade by receiving gas from Eastern Mediterranean discoveries and supplying it to the local market or re-exporting it to Europe.

The first agreement was signed by Egyptian Minister of Petroleum and Mineral Resources Karim Badawi, Cypriot Minister of Energy, Commerce, and Industry Giorgos Papanastasiou, and Eni CEO Claudio Descalzi.

The second agreement was signed by Badawi, Papanastasiou, and President of Chevron International Exploration and Production Clay Neff.

 

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