A preliminary agreement has been reached between Cyprus and Egypt for the construction of a subsea pipeline between the two countries.
The proposed pipeline will transport natural gas from Cyprus to Egypt, where it will enter the nation grid or be transferred to LNG facilities.
Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla said the deal was mutually beneficial for both countries.
He said the agreement would continue to unlock and promote the potential of the Eastern Mediterranean, boosting Egypt’s position as a regional energy hub.
Mr El-Molla said “This is part of the development of the east Mediterranean gas as a whole and I think our strategy optimally is to position ourselves as an energy hub in the region.”
Egypt requires more energy to provide for its growing population and industry, with natural gas replacing other hydrocarbons like crude and coal.
For more information visit the Egypt’s Ministry of Petroleum.
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