Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding (MoU) between the Ministry of Petroleum and Mineral Resources, ExxonMobil, and Qatar Energy, according to a statement.

Under the MoU, the three entities will join forces to maximize the utilization of Egypt's natural gas infrastructure and explore its integration with Cypriot gas discoveries. This aligns with the state’s strategy to position Egypt as a regional hub for natural gas trading and distribution in the Mediterranean region.

The partnership will leverage the country’s advanced gas infrastructure, particularly its liquefaction and re-export facilities. Linking this infrastructure with Cypriot gas discoveries is expected to boost the economic value of gas resources and foster regional energy integration across the Eastern Mediterranean.

The MoU also sets a commercial framework to maximize the benefits derived from natural gas resources in both Egypt and Cyprus, which will generate mutual economic benefits for all parties involved.

Madbouly stated that Egypt’s natural gas infrastructure is a significant competitive advantage, enabling the country to receive Cypriot gas discoveries and re-export them through its facilities, thereby anchoring its position as a regional energy hub in the Eastern Mediterranean and beyond.

For his part, Minister of Petroleum and Mineral Resources Karim Badawi asserted that the ministry has been working with ExxonMobil to explore cooperation mechanisms for leveraging the company's gas discoveries in Cyprus.

Badawi noted that ExxonMobil and its partner, Qatar Energy, operate in both Egypt and Cyprus, which supports opportunities for increased investment in Egypt, given the success of the regional integration model.

The minister added that the MoU represents a new practical step to study linking ExxonMobil’s discoveries in Cyprus to Egypt, following the successful cooperation with Eni, TotalEnergies, Chevron, and Shell to link the Cronos and Aphrodite fields to the Egyptian infrastructure.

Cypriot President Nikos Christodoulides earlier approved the development and production plan for the Cronos gas field, paving the way for the first shipment of natural gas to Europe via Egypt by 2028.