Monday, October 22, 2018
Directory Directory Subscribe
Login
 

Cyprus, Egypt sign deal for gas pipeline in Mediterranean

 
 

Please, enter data

Please, enter data

The Daily Star, 20 September 2018

Cyprus and Egypt signed an agreement paving the way for the Mediterranean’s first subsea pipeline to carry Cypriot natural gas to the Arab country for re-export to Europe. “Today’s signing is an important milestone, not only for Cyprus but also the entire Eastern Mediterranean region,” Energy Minister George Lakkotrypis said after he signed alongside visiting Egyptian Oil Minister Tarek al-Molla.

He said the agreement, “the first of its kind in our shared region,” was crucial for channeling gas from the island’s “Aphrodite” offshore field to Egypt and to attract multibillion-dollar infrastructure investments.

A joint committee would be set up in 30 days to oversee the project.

Texas-based Noble Energy in 2011 made the first discovery off Cyprus in the Aphrodite block estimated to contain 130 billion cubic meters of gas but it has yet to be extracted.

The Aphrodite consortium, which also includes Israel’s Delek and Royal Dutch Shell, seeks to renegotiate terms before it taps the gas.

It is in talks with the Cypriot government over a bigger share of profits to make the project viable.

The discovery of nearby Egypt’s huge Zohr offshore reservoir in 2015 has stoked interest that Cypriot waters could hold the same riches.

Wednesday’s agreement is backed by the European Union in its search to diversify energy sources.

“We are essentially talking about a European pipeline, intended to transport Cypriot natural gas to Egypt for re-export to Europe in the form of liquefied natural gas,” Lakkotrypis said.

The pace of construction of the pipeline to deliver gas to Egypt would depend on commercial agreements with investors.

Cyprus aims for natural gas to start flowing to Egypt’s LNG facilities in 2022, thus generating its first revenue from natural gas.

The island has also issued exploration licenses to ENI of Italy, U.S. firm ExxonMobil and France’s Total.

The Daily Star
20/09/2018

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

Russian and Egyptian presidents meet to boost trade
Arab News, 17 October 2018

Russian President Vladimir Putin is hosting his Egyptian counterpart Abdel-Fattah El-Sisi for talks focusing on ways to boost trade between the two nations.
...

Read full story
Russian and Egyptian presidents meet to boost trade
Dubai Route 2020 station bridges work on track
TradeArabia News Service, 16 October 2018

Dubai officials said all the bridge works related to the Route 2020 network will be completed by the end of next month.

The new route covers the ...

Read full story
Dubai Route 2020 station bridges work on track
Egypt reaches $3bn financing deal with World Bank
Xinhua , 16 October 2018

The World Bank (WB) has agreed on a new financing deal of three billion U.S. dollars with Egypt, Egyptian Investment Ministry said in a statement on Tuesday.
...

Read full story
Egypt reaches $3bn financing deal with World Bank
Qatar’s trade volume with Germany and Italy at QR18.97bn
The Peninsula, 16 October 2018

Qatar’s economic and trade cooperation with Germany and Italy is expected to witness a major boost in the coming years. All the stakeholders, including top ...

Read full story
Qatar’s trade volume with Germany and Italy at QR18.97bn
Back to Home Page 2223 --- 0 <><><> 570.5.....exvideo=0....eximage=0
P 0
BR 25

 
3rd Annual Future Police Technology and Forensics Summit GCC 2018
12 - November 2018
3rd Annual RetrofitTech KSA
18 - November 2018
3rd Annual Mosque Design & Development Summit
26 - November 2018
3rd Annual Dubai Green Hotel Innovation
26 - November 2018
3rd Annual Future Accessibility & Assistive Technology Dubai
26 - November 2018
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
  Food Africa Cairo - 8 December - 10 December 2018  
  Mac Fruit Attraction - 8 December - 10 December 2018  
IFP Group Events Calendar

Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Beirut Boat
Energy Lebanon
Project Lebanon
Sustainable Digital Ecosystem Summit
Qatar
Heavy Max
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Qatar Stone Tech
Iraq
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2018 - © All rights reserved