Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi met with ExxonMobil executives to discuss the initial steps for implementing a recently signed memorandum of understanding (MoU) with ExxonMobil and QatarEnergy, according to a statement.

The MoU aims to maximize the use of Egypt’s natural gas infrastructure and to explore linking Cypriot gas discoveries to the country’s liquefaction and re-export facilities.

Badawi stressed the need to accelerate the work of the joint committees and develop implementation programs with clear timelines for completing technical, commercial, and regulatory studies. 

Moreover, he noted that reaching a final investment decision (FID) to develop the discoveries is a key milestone in advancing the projects.

He mentioned that linking Cypriot gas discoveries to Egypt’s existing infrastructure, starting with the Cronos field, followed by the Aphrodite project, and extending to the latest cooperation with ExxonMobil and QatarEnergy, could contribute to boosting energy security across the region.

The minister also highlighted Egypt’s advanced infrastructure for receiving, liquefying, and re-exporting natural gas, alongside its large and growing domestic market. These capabilities enhance the economic viability of regional gas projects and support value-added industries, particularly fertilizers and petrochemicals.

Furthermore, Badawi invited ExxonMobil’s delegation to participate in the Mediterranean Offshore Conference (MOC), scheduled for October, and to explore Egypt’s liquefaction and gas-export infrastructure.