The Egyptian Natural Gas Holding Company (EGAS) signed a Memorandum of Understanding (MoU) with Cyprus Hydrocarbons Company (CHC) in the fields of petroleum and natural gas.
The MoU will allow for studies to be conducted to add a pipeline from the Cypriot Aphrodite Gas Field.
The MoU was signed by Egyptian Minister of Petroleum Sherif Ismail and Cypriot Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis.
The two parties will study technical solutions for transferring gas through a marine pipeline directly from the Aphrodite field to Egypt. This will benefit the infrastructure in Egypt, as well as increase the added value in the oil sectors in Egypt and Cyprus.
Cooperation between companies working in Cyprus and facilitations in production and liquefaction to the oil sector in Egypt will help effect the infrastructure. Agreement on these issues will be completed within six months of signing the memorandum.
