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Egypt-Cyprus sign pipeline agreement, Europe set to reap benefits

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Reported by local Cypriot news outlet, Cyprus Mail, an agreement has been signed between Egypt and Cyprus for the development and construction of an offshore pipeline.

It was formally signed at the Cypriot presidential palace by Cyprus’ Energy Minister Yiorgos Lakkotrypis and Egypt’s Oil Minister Tarek el Molla.

The Cypriot minister revealed that agreement concerned a pipeline set to be built from the Aphrodite deposit (estimated to contain 130 billion cubic metres of natural gas) to relevant processing plants in Egypt. However, the agreement does include other gas fields that may be found near the island.

Lakkotrypis told reports, “This is a European pipeline because the natural gas that will be conveyed to Egypt from Aphrodite, after the commercial agreements are completed, will find its way to Europe in liquefied form.”

According to the minister, negotiations over the commercialisation of the pipeline will begin soon.