Arab Finance: Egypt and Cyprus are seeking to accelerate projects connecting Cypriot gas fields to Egyptian infrastructure, with talks focusing on bringing Cronos into production in 2028, advancing development arrangements for Aphrodite, and implementing a cooperation framework with ExxonMobil and QatarEnergy, as per a statement.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi met with Cypriot Minister of Energy, Commerce, and Industry Michael Damianos on the sidelines of an East Mediterranean Gas Forum (EMGF) roundtable in Greece, according to a statement from the Egyptian ministry. Egypt’s ambassador to Greece, Mourad Youssry Mourad, attended the meeting.

The discussions reviewed joint natural gas projects and efforts to bring Cypriot resources to market through Egypt’s infrastructure under the two countries’ strategic partnership.

Badawi reaffirmed Egypt’s commitment to turning gas discoveries into producing, commercially viable projects, highlighting the country’s integrated facilities for receiving, transporting, processing, and liquefying gas as a competitive advantage that could support regional cooperation and energy security.

Cronos was a central focus of the talks, with both ministers calling for faster completion of the work and arrangements needed to connect the field’s production to Egyptian infrastructure. Using Egypt’s existing facilities would support implementation within the project’s targeted schedule.

The two sides also reaffirmed their commitment to coordinating with project partners as development moves into the implementation phase following the final investment decision (FID) by Italy-based energy company Eni and France-based energy company TotalEnergies. Production is targeted to begin in 2028.

For the Aphrodite field, the ministers urged faster completion of development agreements and arrangements. They stressed the need for continued coordination between the relevant Egyptian and Cypriot authorities and project partners to finalize the commercial and regulatory frameworks for gas supplies, paving the way toward an FID and implementation.

The talks also covered Cypriot discoveries being developed by US-based energy company ExxonMobil and Qatar-based energy company QatarEnergy. Both sides called for accelerated implementation of the memorandum of understanding (MoU) signed between Egypt and the consortium to explore development and marketing options using Egyptian facilities to receive, liquefy, and re-export the gas.

To advance that work, the ministers emphasized the need to intensify joint committee activities and set clear deadlines for completing technical, commercial, and regulatory studies. These steps aim to turn existing understandings into actionable projects, make fuller use of Cypriot discoveries and Egyptian infrastructure, and support energy market integration in the Eastern Mediterranean.

Both ministers also stressed the importance of close coordination through the EMGF, citing its role in supporting natural gas cooperation, attracting investment, facilitating infrastructure development, and connecting gas resources with markets.