Cairo – Mubasher: Egypt and Cyprus have reached an agreement on the pipeline connecting the Aphrodite gas field in Cyprus to Egypt’s liquefied natural gas (LNG) facilities.
Both parties are projected to sign the agreement in autumn, Cyprus Mail reported, citing sources at the Cyprus Broadcasting Corporation (CyBC).
The agreement has been approved by the European Union (EU) and is being reviewed for the final touches, sources added.
It is worth noting that the pipeline linking Cyprus’ Aphrodite gas field to Egypt’s LNG facilities will cost between $800 million and $1 billion.
This pipeline is a key step to turn Egypt into a regional hub for natural gas export in the eastern Mediterranean.
Egyptian petroleum minister Tarek al-Mulla announced last February that the agreement with the EU to establish a gas pipeline between Egypt and Cyprus will be finalised by mid-year.
In April, Cypriot foreign minister Nikos Christodoulides said that both countries were ready to sign contracts of building natural gas pipelines in the coming period.
