A decade after the idea was first put on the table, Cyprus and Egypt have finally agreed to transport natural gas from the island’s as yet unutilised offshore reserves to facilities on the North African coast for processing and re-export to international markets.  This means that Cyprus will at last abandon the over-ambitious plan to build its own liquefaction plant and save about 10 bln euros, which oil majors were reluctant to foot the bill for.  Instead, Egypt’s under-utilised plants at Damietta and Edku, some 240 kms south, can now work at increased capacity, reducing costs and making the Cyprus natgas more affordable.  Due to rapidly growing demand, Egypt too is seeking alternative sources of energy to fire up its power stations, as Cairo aims to become a regional energy exporter because its own output suffered declines in recent years.  “Cyprus’ energy plans are proceeding normally, with the signing of the (commercialisation) agreement and memorandum of understanding in Cairo, decisive for the future of our energy plans,” said President Nikos Christodoulides, after returning from Egypt.  The Cypriot president and Abdel Fattah El Sisi had extensive talks about cooperation on the sidelines of the Egypt Energy Show (Egypes), an event bringing together world leaders in the energy sector and policy makers dedicated to the sustainable energy transition.  Two agreements were signed for the transport of gas from the Cypriot fields of Aphrodite in Block 12 operated by U.S. giant Chevron and three gas fields in Block 6, operated by Italian Eni, to the natural gas liquefaction plants near Alexandria. Egypt, along with Italian energy giant Eni and France’s TotalEnergies, have agreed to collaborate to commercialise the natural gas reserves discovered within Block 6 of the Cyprus exclusive economic zone (EEZ). (ICE BEIRUT)

Fonte notizia: Financial Mirror