Signing a Memorandum of Understanding for Cooperation

On the sidelines of Egypt Economic and Development Conference (EEDC) ,the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Eng. Sherif Ismail and the Minister of Energy, Commerce, Industry and Tourism of the Republic of Cyprus, Mr. Yiorgos Lakkotrypis; signed a Memorandum of Understanding (MoU) for cooperation in the field of oil and gas.

Both Eng. Khaled Abdel Badei Chairman of the Egyptian Natural Gas Holding Company (EGAS) and Prof. Toula Onoufriou – President of Cyprus Hydrocarbon Company (CHC) Ltd signed the Memorandum.

The Minister pointed out that, the MoU is certainly a significant step towards strengthening cooperation between Egypt and Cyprus in the field of oil and gas, which will further deepen the friendly relations between the two countries.

In particular, the MoU authorizes the Egyptian Natural Gas Holding Company (EGAS) and the Cyprus Hydrocarbons Company (CHC) Ltd to examine potential pipeline and onshore facilities options for transporting natural gas, from the «Aphrodite» field to Egypt. This will optimize the use of the gas infrastructure and achieve an added value for both Cyprus and Egypt. This undertaking will be carried out in cooperation with concerned stakeholders in upstream and LNG activities as well as an important step towards the positioning of Egypt as a regional energy hub.

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