Egyptian petroleum minister Tarek El Molla has signed the natural gas subsea pipeline with Cypriot Minister of Energy Yiorgos Lakkotrypis, Egypt Oil & Gas reports.
According to the agreement the pipeline will move natural gas from Cypriot’s Aphrodite field to Egypt’s gas liquefaction plants. It will then be re-exported in the form of liquefied natural gas (LNG) to different markets, the Egyptian ministry announced in a press release.
The deal shapes the general framework of the two countries’ governmental agreement, said El Molla.
The agreement will not only be excluded in the Cyprus-Egypt pipeline, but it well contribute to providing gas for the European Union (EU), El Molla stated, adding that the memorandum of understanding signed with the EU in April opens new opportunities for Egypt.