Arab Finance: Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and Cypriot Minister of Energy, Commerce, and Industry Michael Damianos held talks in Washington, D.C., on advancing joint natural gas projects and accelerating investment decisions to support regional energy integration and maximize the utilization of both countries' resources, as per a statement.

The meeting took place on the sidelines of the 10th ministerial meeting of the East Mediterranean gas forum and focused on maintaining momentum in bilateral energy cooperation, particularly in natural gas development and production projects.

Badawi said the Egyptian-Cypriot partnership represents a successful model of regional cooperation built on shared interests and the optimal use of existing infrastructure.

He highlighted the close coordination between the two countries, both founding members of the East Mediterranean gas forum, and stressed the importance of accelerating the implementation of joint projects in line with the forum's long-term strategic objectives.

The discussions included a review of developments related to the Aphrodite gas field in Cyprus. Both sides welcomed the progress achieved in recent years, including the signing of a memorandum of understanding (MoU) during the Egypt Energy Show (EGYPES) 2025 and the initialing of the host government agreement during EGYPES 2026.

Badawi reiterated Egypt's readiness to support the Cypriot government and project partners in finalizing the remaining commercial and contractual arrangements required to reach a final investment decision and begin implementation according to planned timelines.

The two ministers also reviewed progress on development plans for the Cronos gas field, with Badawi affirming Egypt's support for accelerating the project's development and receiving Cypriot gas through Egyptian infrastructure for processing, liquefaction, and re-export to international markets.

Moreover, he pointed out that Egypt's energy infrastructure, including the liquefied natural gas (LNG) plants in Idku and Damietta, offers a commercially viable solution for maximizing the value of Cypriot gas resources, strengthening regional energy security, and reinforcing Egypt's role as a regional energy hub.

Both ministers said cooperation in the natural gas sector remains a cornerstone of efforts to enhance energy security in the Eastern Mediterranean while creating investment opportunities and improving the economic utilization of natural resources.

The two sides also agreed to expand cooperation beyond natural gas to include mining, mineral resources, geological collaboration, carbon management and emissions reduction projects, low-carbon solutions, and hydrogen technologies. They further agreed to strengthen technical cooperation through expertise exchange and capacity-building programs to support energy transition and sustainable development efforts in both countries.

Last May, Cypriot President Nikos Christodoulides approved the development and production plan for the Cronos gas field, paving the way for the first shipment of natural gas to Europe via Egypt by 2028. Christodoulides also affirmed that this decision strengthens the geostrategic and energy position of Cyprus.

On the sidelines of EGYPES 2026 held last March, Christodoulides and President Abdel Fattah El-Sisi witnessed the signing of a joint framework agreement to boost natural gas cooperation.