Egypt, Cyprus ink Cronos gas transport, export deals

Egypt and Cyprus signed a series of commercial agreements on Tuesday to transport natural gas from Cyprus’s Cronos field to Egypt for liquefaction and re-export to Europe, Egypt’s petroleum ministry said in a statement.

The deals, signed on the sidelines of the Eastern Mediterranean Energy Conference and Exhibition (EMC) in Limassol, set the operational and commercial frameworks for the transport, supply, processing, and liquefaction of Cypriot gas using Egypt’s existing infrastructure.

Egyptian Petroleum Minister Karim Badawy and Cypriot Energy Minister Giorgos Papanastasiou witnessed the signing ceremony.

Badawy said the agreements reflect the outcomes of joint understandings between President Abdel Fattah El-Sisi and Cypriot President Nikos Christodoulides, aimed at deepening cooperation and fast-tracking the connection of Cypriot gas fields to Egypt’s energy network.

He added that the move reinforces Egypt’s position as a regional hub for natural gas trade and re-export in the Eastern Mediterranean, while supporting Cyprus’s plans to develop and monetise its offshore gas resources.

The Cronos field, discovered by Italy’s Eni and France’s TotalEnergies in 2022, is one of several Cypriot offshore gas discoveries expected to be linked to Egypt’s liquefied natural gas (LNG) facilities for export to global markets.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser