Two years after the signing of an agreement to build a joint gas pipeline, officials of the Egyptian and Cypriot energy sectors have decided to give the initiative a boost. The project should be operational in two years.
Egyptian Petroleum Minister Tarek El Molla and his Cypriot counterpart Natasa Pilides discussed cooperation between the two countries, especially related to their joint gas pipeline project, in a virtual meeting. The two sides decided to accelerate the implementation of the project, despite the difficult financial situation of the sector, by preparing the ground for the next steps.
The project took a major turn in 2018, when the two countries signed the agreement to build the pipeline that will transport gas from the Cypriot Aphrodite field to Egyptian liquefaction terminals. Once the liquefied natural gas is obtained, it will be exported to markets in Europe in particular. The Cypriot authorities have shown their commitment to the project by ratifying the agreement in April 2019.
According to a source close to the Cypriot Ministry of Energy who confided to Arab News, the gas transfer will be effective in 2022. In addition to Aphrodite, which houses 130 billion cubic meters of gas, the two parties plan to exploit the future gas pipeline for the monetization of several other deposits.
Egypt has two natural gas liquefaction plants, one in eastern Alexandria, in Idku, and the other in the port city of Damietta.
Source Ecofin Agency