EGYPT AND CYPRUS SIGN FRAMEWORK AGREEMENT FOR COOPERATION ON GAS. (PHOTO).

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 Egypt and Cyprus sign framework agreement for cooperation on gas

Egypt and Cyprus signed a framework agreement for cooperation on gas ​at the Egypt 2026 Energy Show on Monday, Reuters reported.

A ‌spokesperson for the Cypriot presidency said that the non-binding agreement will be a base upon which the two countries can ​negotiate more agreements for the exploitation of Cyprus' ​reserves.

Another Cypriot government official added that the agreement ⁠will allow the two countries to negotiate the sale of natural gas to Egypt or Egypt's state-owned companies from Cyprus's Kronos and Aphrodite offshore fields.

Cypriot officials say they could be in a position to start extracting gas from ​Kronos in 2027 or 2028.

Last year, Egypt and Cyprus signed ​agreements enabling the export of gas from Cyprus's offshore fields to ‌Egypt ⁠for liquefaction and re-export to Europe, as both countries seek to bolster the Eastern Mediterranean's role as an energy hub.

Egypt is suffering the spillover from the Iran ​war, particularly in ​the energy ⁠sector, as it depends on imported fuel. Costs have ballooned with the disruption of oil ​and gas production and trade across the ​Middle ⁠East.

The government has already raised fuel prices and the price of public transport, announced a work-from-home policy, and ordered ⁠most ​malls, shops, and eateries to close ​down by 9 p.m. five days a week.

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