Agreement and Memorandum of Understanding concerning the EEZ of the Republic of Cyprus and are characterized as landmarks For the exploitation of the deposits and the further development of cooperation between Cyprus and Egypt, they were signed Monday in Cairo, in the presence of the presidents of the two countries.

The new important agreements signed in Cairo, both at the Memorandum of Understanding Memorandum for the commercialization of the Aphrodite deposit and at the level of hosting country for the development of the Cyprus EEZ piece, constitute a key step in the energy planning of the Republic of Cyprus and the Republic of Cyprus. They highlight the strategic role of Cyprus in the field of hydrocarbons.

The signing ceremony of the Agreement and the Memorandum, in the presence of the President of the Republic, Nikos Christodoulides and Egyptian President Abdel Fatah al -Sisi, took place on the sidelines of the Egypes 2025 International Exhibition, with the participation of companies operating in the Cypriot AE.

What is foreseen in agreements

Specifically, a Memorandum of Understanding was signed between the Republic of Cyprus, Egypt and the Licenser (Chevron Cyprus Limited, NewMed Energylp, BG Cyprus Limited) for the development of the Aphrodite natural gas deposit. With the Memorandum, the framework for effective commercialization of gas, which will come from the deposit, is shaped.

Subsequently, a host Government Agreement was signed for the development of hydrocarbons of the EEZ of the EEZ of the Republic of Cyprus, which defines the framework by which the licensed consortium (EMI/Total), as well as Egypt as the hosts as They will work together to commercialize natural gas deposits discovered inside the piece (Saturn, Zeus, Calypso).

The substance of these agreements is not only limited to promoting the exploitation of deposits, but expands the prospects of energy cooperation With Egypt, while contributing to the regional stability and the strengthening of our country’s geopolitical position in the Eastern Mediterranean.

Overall, these two agreements mark the determination of the Republic of Cyprus to promote the sustainable exploitation of its natural resources, with the participation of acclaimed international energy partners, to strengthen its role as an energy hub in the Eastern Mediterranean and to ensure the most of the Eastern Mediterranean. Cypriot citizen, with the aim of achieving more competitive electricity prices and shielding our country’s energy security.

Historical day, says Nikos Christodoulides

The political will to enhance bilateral cooperation in the energy sector was expressed by the President of the Republic of Cyprus Nikos Christodoulides and Egyptian President Abdel Fatah al -Sisi at today’s signing ceremony of agreement and memorandum between the two countries, which took place in the two countries. Egypes 2025, in Cairo.

Speaking at the signing ceremony of the Agreement and the Memorandum of Understanding, which was signed by the Republic of Cyprus by the Minister of Energy, Mr. George Papanastasiou, the President of the Republic said that “this is my sixth visit to Egypt from my assumption. from two years.

Today is really a historic day. The signing of the Agreement and the Memorandum is a clear indication of strategic nature of our relationships.

The agreements are catalytic, changing the data for the wider region, but also beyond, for Europe. At this time, full of challenges and complexity, Cyprus and Egypt are opening a new path, and by doing so we show the way forward and we prove once again that Cyprus and Egypt are credible and predictable partners. “

For his part, President Sisi warmly welcomed President Christodoulides, expressing the determination of the two countries’ relations to be further strengthened for the benefit of the two peoples.

CEO ENI: Today, we are celebrating a specific milestone

‘Cyprus has become corn of our activities in the Eastern Mediterranean. Our collaboration has led to significant successes, such as the discovery of natural gas in Piece 6, with the Saturn deposit ‘, said Eni’s CEO, Claudio Descalzi.

Continuing ENI’s CEO said that “Today, we are celebrating a specific milestone: the signing of the hosting country agreement, which will allow Saturn’s rapid development and the use of existing infrastructure in Egypt to process and export natural gas, stressing that” this agreement is a decisive Step to the creation of an energy hub in the Eastern Mediterranean, utilizing synergies between Egypt and Cyprus. “

“But the value of this alliance goes beyond energy,” as Claudio Descalzi said, “at a time when people are characterized by divisions and tensions, this agreement is tangible proof that cooperation can build bridges and create opportunities.”