Joint oil exploration with Egypt to be discussed

CYPRUS and Egypt will discuss possible joint exploration of oil and gas reserves which have been discovered between the two countries, Commerce Minister Nicos Rolandis said yesterday.

Rolandis told reporters that Egyptian Oil Minister Sameh Fahmy would visit the island late next month to discuss possible co-operation in the exploitation of any reserves located in the Eastern Mediterranean between the tow countries.

A recent EU study revealed that rich oil and gas reserves lie in the region and Cyprus has already begun mapping its delimitation areas.

Rolandis’ announcement came during a visit yesterday by Egypt’s First Under Secretary of the Egyptian Ministry of Economy and Foreign Trade, El Said Fouad Kasem, to sign co-operation agreements with Cyprus in trade and tourism.

Current trade between Cyprus and Egypt is worth some $70 million per annum.

“We discussed matters of mutual interest relating to trade, investment and tourism, but the issue of oil exploration was only touched upon in a general manner,” Rolandis said after the meeting.

He said substantial talks on the oil issue would take place during Fahmy’s visit next month.

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