Cairo – Mubasher: Egypt is currently in talks with Italy, Greece, and Cyprus over establishing an energy corridor to Europe, CEO of Italy’s Eni Claudio Descalzi told Associated Press.
Descalzi added that the abovementioned parties’ are discussing the option of processing newly found gas at Egypt-based plants for export to Europe.
“The Italian oil and gas company will drill two exploratory wells off Cyprus over the next two months,” he continued.
Significant reserves can be found by drilling these wells and may be exported to Europe, he stressed.
On 21 November, Egypt and Cyprus agreed to start talks in December over implementing a natural gas pipeline to transfer gas from Cypriot fields to Cairo.
Egypt’s trade minister Tarek Kabil had previously said that trade volume between Egypt and Cyprus reached EUR 42.3 million during the first seven months of 2017 from EUR 29 million in the prior-year period.
It is worth mentioning that Italian investments in Egypt amounted to $2.7 billion over 1,015 projects
