Cyprus-ًُEgypt new gas pipeline to cost $1 bln: minister

The new gas pipeline from Cyprus’ Aphrodite gas field to Egypt will cost between $800 million and $1 billion, Egyptian petroleum minister Tarek El-Molla said Monday.

Speaking on the sidelines of his meeting with his Cypriot counterpart Yiorgos Lakkotrypis, El-Molla noted that Egypt will liquefy and export part the Cypriot gas to Europe.

In November, Egypt and Cyprus signed an initial agreement to establish a gas pipeline from Cyprus to Egypt.

On another note, Egypt’s natural gas production increased to 5.7 billion cubic feet per day as a result of new production coming online, compared to 5.5 billion cubic feet in February, he added.