M a r k e t N e w s
Cyprus and Egypt Talk Gas Export
Posted on : Friday , 28th November 2014
Talks between Cyprus and Egypt on the possibility of exporting gas from Cyprus to Egypt are accelerating. Egypt, once an exporter of the resources, has had to divert production to meet domestic demands and is now exploring options to help meet its ever growing demand.
While Cyprus has gas, discovered in late-2011, it does not have the infrastructure in place that Egypt does.
“Egypt has a very huge (natural gas) infrastructure and can accommodate the production coming from the Cyprus economic waters,” Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail told reporters while in Cyprus. “It will be very fruitful for both countries to work together to materialize this cooperation in terms of developing the resources in Cyprus and exporting it.”
In a joint statement, Ismail and his counterpart in Cyprus Yiorgos Lakkotrypis said they had agreed to expedite discussions regarding natural gas exports to Egypt. “In the next two months we will have a technical study regarding the options of these exports,” Lakkotrypis said.
The best option for exports at present appears to be via a direct pipeline to Egypt.
Ismail said, “We can accommodate whatever gas we receive in both local market consumption and also LNG exports.”
Source : petroleum africa
