Egypt and Cyprus have established a framework agreement aimed at enhancing cooperation in the gas sector during the Egypt 2026 Energy Show held on Monday.
A representative from the Cypriot presidency indicated that this non-binding framework serves as a foundation for both nations to negotiate additional agreements pertaining to the development of natural gas reserves in Cyprus.
Another official from Cyprus stated that this agreement permits discussions regarding the sale of natural gas sourced from Cyprus’s Kronos and Aphrodite offshore fields to Egypt, particularly its state-owned companies.
Cypriot authorities have noted that they might commence gas extraction from the Kronos site as early as 2027 or 2028.
In the previous year, Egypt and Cyprus had already signed agreements that enabled the transfer of gas from Cyprus’s offshore fields to Egypt for liquefaction and subsequent re-export to Europe, as both nations aim to strengthen the Eastern Mediterranean’s position as an energy hub.
Egypt is currently grappling with the repercussions of the ongoing conflicts in the region, particularly affecting its energy sector, which heavily relies on fuel imports. Rising costs have been exacerbated by disruptions in oil and gas production and trading throughout the Middle East.
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