Egypt and Cyprus Sign Agreement to Complete Financial Frameworks for Linking Aphrodite Gas Field to Egyptian Infrastructure
Signing of the financial system agreement for the Aphrodite project and a memorandum of understanding between Saipem and Egyptian Drilling Company.
Translated by Qiyas from كونا — Original source
Cairo, Oct 20 (KUNA) -- Egypt and Cyprus initialled on Tuesday an agreement on the financial framework for the development of the Cypriot Aphrodite gas field and its connection to Egyptian infrastructure, paving the way for gas exports to Egypt. The signing took place during the Mediterranean Petroleum Conference and Exhibition in Alexandria, attended by Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and Cypriot Minister of Energy, Commerce and Industry Michael Damianides.
According to a statement from the Egyptian Ministry of Petroleum and Mineral Resources, the agreement aims to facilitate the transport of gas produced from the field to Egypt, leveraging Egypt’s advanced capabilities in receiving, processing, and liquefying natural gas before directing it to local and global markets in line with market needs and the project’s economic viability.
The project represents an important pathway to enhance natural gas sector integration between Egypt and Cyprus by linking Cypriot gas resources with Egyptian infrastructure, thereby maximizing the economic value of discoveries in the Eastern Mediterranean. It also seeks to harness Egyptian facilities to support gas processing, liquefaction, and trading in global markets, while reinforcing Egypt’s role as a regional hub for natural gas trading and commerce.
Progress in finalizing the regulatory framework for the project reflects continued joint efforts by the Egyptian and Cypriot sides, in cooperation with international companies, to transform cooperation opportunities in the Eastern Mediterranean into executable projects that enhance gas resource utilization efficiency and boost investment prospects in the region.
In a related development, Minister Badawi witnessed the signing of a memorandum of understanding (MoU) between Italy’s Saipem and Egypt’s Modern Drilling Company (MDC), aimed at strengthening cooperation between Egyptian and international companies operating in the oil and gas sector, expanding partnership areas and opportunities, and exchanging technical and technological expertise.
The MoU targets opening new avenues for cooperation between the two parties, leveraging their technical and technological capabilities to support the execution of joint works and projects in oil and gas activities, and enhancing opportunities for Egyptian companies to broaden their collaboration with specialized global firms.
The agreement and the MoU come within the context of the momentum witnessed by the Mediterranean Petroleum Conference and Exhibition to strengthen international partnerships, advance joint projects, and expand cooperation opportunities among oil and gas companies, thereby supporting the economic utilization of energy resources and opening new fields for investment, technology transfer, and expertise sharing. (End) A.F.F / M.A.A
