A second memorandum of understanding outlines a framework of processing gas from Cyprus’ offshore Aphrodite field, under licence to a Chevron-led consortium, which will also be sent to Egypt for processing.
The east Mediterranean has yielded some major gas discoveries in recent years, while a disruption in energy supplies from Russia after its invasion of Ukraine in 2022 has sharpened Europe’s attention on securing supplies elsewhere.
“The essence of these agreements is not limited to promoting the exploitation of deposits, but broadens the prospects for energy cooperation with Egypt, while contributing to regional stability and strengthening our country’s geopolitical position in the Eastern Mediterranean,” a statement from Cyprus’s Presidency said.