Cyprus and Egypt will sign today an inter-state agreement concerning a subsea pipeline to carry Cypriot natural gas to Egypt.
Cyprus’ Energy Minister Yiorgos Lakkotrypis said the agreement was crucial for the efforts of both countries to channel natural gas from the “Aphrodite” reservoir, off Cyprus’ coast, towards Egypt.
The agreement sets the framework for cooperation between the two countries, the Minister went on, while highlighting that it is the first if its kind in the region, and is in line with EU standards.
The Minister also said that a representative of the European Commission will attend Wednesday’s signing ceremony, adding that this shows the importance the EU attaches to the project.
“This pipeline is a European pipeline,” the Minister said. He added that gas will be carried to Egypt once commercial agreements advance and then it will reach European markets in LNG form.
The Cypriot Minister of Energy also noted that this will help Europe strengthen its energy security.
Lakkotrypis said the agreement concerns at this stage Cyprus and Egypt but hailed it as a model for regional cooperation.
This agreement is the first of its kind and it paves the way for the conclusion of the project, allowing private investors to negotiate a commercial agreement, Egypt’s Minister of Petroleum Tarek El Molla added.
The construction of the pipeline depends on how fast commercial agreements advance with the investors, the Egyptian Minister concluded.