Fossil Energy – Gas Export
The Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt Karim Badawi, the Minister of Energy, Commerce and Industry of the Republic of Cyprus George Papanastasiou, the Chief Executive Officer of Eni Claudio Descalzi, as well as TotalEnergies, recently signed in Cairo the Host Government Agreement for the exploitation of Cyprus’ Cronos Block 6 resources.
This agreement is a concrete milestone to establish a gas hub in the Eastern Mediterranean capitalizing Egypt’s existing hydrocarbon infrastructure and positioning Cyprus as a gas producer and exporter.
It outlines a comprehensive framework enabling a rapid development of the Cronos gas discovery offshore Cyprus: the gas will be transported and processed in existing Zohr facilities to be then liquefied in the Damietta LNG plant for export to European markets.
Eni CEO, Claudio Descalzi, commented: “This agreement paves the way to bring Cyprus’ gas to the market in a timely fashion, contributing to energy security and competitiveness of energy supply. This project leverages Egypt’s existing infrastructure, including export facilities, which are a key enabler for developments in the Region. Egypt and Cyprus reaffirm their roles in the emerging energy hub of the Eastern Mediterranean, which is set to play an increasing role in the global gas supply in the near future.”
