Cyprus signs oil and gas deal with Egypt

EGYPT is offering Cyprus its expertise on oil and gas exploration as part of an agreement signed yesterday between the relevant ministers of the two countries.
“Cyprus has a very good chance to find oil and gas and we are not going to end this co-operation unless we make sure that Cyprus enjoys really the utilisation of gas and oil from Cyprus off shore or on shore facilities,” said Egyptian Oil Minister Amin Sameh Samir Fahmy.

Fahmy was on a visit to the island yesterday to sign a Memorandum of Understanding (MOU) on energy matters with his Cypriot counterpart George Lillikas, to whom he offered assurances that his country would assist Cyprus to utilise its reserves.

The Egyptian Minister later met President Tassos Papadopoulos and House President Demetris Christofias.

After the meeting with Fahmy, Lillikas said that both countries had already signed an agreement regarding exclusive economic zones and added that Egypt had started exploiting its territorial waters for oil and natural gas resources.

”The agreement we signed today is very important, since we will co-operate with a friendly country that is willing to give us its experiences and co-operate with us in all aspects concerning oil and natural gas,” Lillikas said.

Fahmy said the MOU would come into force shortly. “It opens new horizons of co-operation between both countries,” he said.

He added that his country had already started exporting natural gas and oil and said that this issue as well as the export to the Cyprus market had been discussed during yesterday’s meeting.

Both Ministers referred to the “excellent political relations” between the two countries and added that they would continue their efforts so that those relations are enlarged to other sectors, such as the economy.

”We have signed a protocol of co-operation, which covers various sectors in the energy field between both countries. I am sure that more agreements will follow,”
Lillikas said.
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