Egypt, Cyprus sign gas deal

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Egypt and Cyprus have signed an agreement that will pave the way for the supply gas to the African nation via the undersea pipeline that officials hope will create a regional energy hub.

Cypriot Energy Minister Yiorgos Lakkotrypis and Egypt’s Petroleum Minister Tarek el-Molla said the deal sets the political framework for additional commercial agreements that will determine of how, where and when the gas will reach Egypt.

“This is part of the development of the east Mediterranean gas as a whole and I think our strategy optimally is to position ourselves as an energy hub in the region,” el-Molla said after signing the agreement.

It is yet to be determined whether the gas will be used for Egypt’s domestic needs or be liquefied at Egypt’s processing plants for export to other markets.

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