Egypt, Cyprus initial financial framework for Aphrodite gas project

Egypt and Cyprus on Tuesday initialled a financial framework agreement to advance the development of Cyprus’s Aphrodite gas field and its connection to Egyptian infrastructure, paving the way for gas to be transported to Egypt.

The agreement was initialled on the sidelines of the Mediterranean Offshore Conference and Exhibition (MOC 2026), held at the Bibliotheca Alexandrina from Oct. 20 to 22.

It aims to complete the financial, commercial, and regulatory frameworks needed to advance the project, accelerate implementation, and enable Egypt to receive, process, and liquefy gas from the field for domestic and international markets, depending on market demand and the project’s economic feasibility.

Connecting the Cypriot gas field to Egypt’s infrastructure is expected to strengthen bilateral cooperation in the natural gas sector, maximise the value of Eastern Mediterranean gas discoveries and support gas processing, liquefaction and exports to international markets.

Subediting: Y.Yasser