Cyprus and Egypt signed a framework agreement the day before yesterday for the sale of Cypriot natural gas, amid an intense energy crisis in the Middle East. The agreement was signed in Cairo, in the context of the “EGYPES 2026” conference, by the energy ministers of the two countries, in the presence of the President of the Republic of Cyprus, Nikos Christodoulides, and the President of Egypt, Abdel Fattah el-Sisi. As stated by Energy Minister Michalis Damianos, it reaffirms the political will to develop the “Cronos” and “Aphrodite” gas fields through Egyptian infrastructure.
Egypt is facing significant pressure in the energy sector, as the cost of natural gas imports has nearly tripled, reaching $1.65 billion per month from around $650 million before the war, according to a report by “Kathimerini”. At the same time, the disruption of supplies from the Israeli Leviathan field has worsened the situation, prompting the government to implement consumption-reduction measures, such as shortening shop operating hours and considering remote work.
The “Cronos” field is considered the most mature for development, with production potentially starting in 2027.
In this context, cooperation with Cyprus gains particular importance, with exports of natural gas to Egypt either to cover domestic demand or via the country’s LNG terminals (Idku and Damietta) to the international market. The “Cronos” field is considered the most mature for development, with production potentially starting in 2027.
The agreement also provides for the establishment of a joint technical committee, which will define the commercial and technical terms of implementation, further strengthening the strategic cooperation between the two countries.
Source: Κathimerini
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