Cyprus, Egypt sign new pipeline Agreement

Cyprus, Egypt sign new pipeline Agreement

Talks between Egypt and Cyprus on the construction of an underwater pipeline in the Eastern Mediterranean seems to have reached a positive conclusion, as part of a joint effort to commercialize the gas quantities found in the AOZ of the two countries.

According to information, the agreement is to be signed today, Wednesday 19.

Nicosia and Cairo seem to be launching the construction of this pipeline to create a single security area and network of partnerships in the Eastern Mediterranean.

This pipeline will start from the sea area within the Cypriot Exclusive Economic Zone, transferring the natural gas from Cypriot plots to Egypt, which has the necessary infrastructure to process and convert it into liquefied natural gas (LNG), with the aim of exporting it to Europe.

The start will be made with plot 12, called “Aphrodite”.

“This is a mutually beneficial agreement, not just for Cyprus and Egypt, but mainly for Europe”, said Tarek El-Molla, Minister of Oil and Mineral Resources of Egypt.

It is reminded that the Italian ENI, American ExxonMobil and French Total are active in Cyprus.

Egypt in the meantime has reached an agreement with the Dutch company “Shell” and Petronas (Malaysia), to investigate an area west of the Nile river, worth USD 1 billion, in order to conduct twelve drillings in total to identify potential oil and gas fields.

This move is part of the country’s biggest effort to become a regional energy hub, focusing mainly on LNG, as already the particularly encouraging results, especially after the Zohr deposits was discovered by the Italian ENI, have attracted international investments and geostrategic interest./IBNA