Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi discussed expanding cooperation between Egypt and Cyprus in the natural gas and mining sectors with Cypriot Ambassador to Egypt Polly Ioannou, according to a statement.
Badawi highlighted the significant progress achieved in Egyptian-Cypriot cooperation in the natural gas sector over the past two years, driven by strong partnerships with major international energy players.
He noted that joint efforts have accelerated the development of Cyprus' offshore gas discoveries and their connection to Egypt's established gas infrastructure, reinforcing Egypt's role as a regional energy hub. These efforts also create added value and economic benefits for both countries while enhancing regional energy security and supporting additional natural gas supplies to European markets.
In the mining sector, Badawi outlined the comprehensive reforms the government implemented to improve the investment climate, noting that the measures have boosted the sector's competitiveness and attracted growing international interest.
The next phase will focus on expanding cooperation with Cypriot companies by capitalizing on investment opportunities offered by Egypt's mining industry, he added.
The meeting also addressed the return of the Cypriot company FMC and the resumption of its operations in Egypt, specifically in gold and mineral exploration in the Eastern Desert.
For her part, Ioannou affirmed that cooperation with Egypt has contributed to transforming Cyprus’ gas discoveries into tangible development projects currently under implementation.
She affirmed that FMC is looking to expand its investments in the Egyptian mining sector and will participate in the upcoming Egypt Mining Forum in the New Capital with a delegation of geological experts.
On July 28, Eni reached the Final Investment Decision (FID) to develop the Cronos gas field offshore Cyprus, targeting to bring the first Cypriot gas via Egypt in 2028. Badawi affirmed that the decision reflects the strong confidence that major global energy companies have in Egypt's energy infrastructure.
