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Cyprus and Egypt agreed on natural gas deal.

Posted on: 9/11/2015 7:00:48 AM under General News

Cyprus and Egypt authorities report that they are proceeding with a natural gas deal providing for the purchase of up till now uncertain volume of Cypriot gas by Egypt.

Yiorgos Lakkotrypis, Cypriot Energy Minister said that feasibility studies were concluded and specialists are determining now the cost of seven alternative options to transfer the gas. He added that the next stage in the deal will be the conclusion of commercial agreements.

The Aphrodite field contain 5 trillion cubic feet of natural gas and Egypt said it is willing to buy as much gas as could be made available. The plans are unaffected by the discovery of a giga gas field in the Egyptian continental shelf, not very far from Cypriot gas plots. The Zohr discovery contains an estimated 30 trillion cubic feet of natural gas.

Source: Famagusta Gazette

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