Egypt agreed to buy all gas from the Aphrodite field from Cyprus
Egypt has entered into a preliminary agreement to purchase the entire volume of gas from the Aphrodite Gas Field, located off the coast of Cyprus.
The agreement was signed between the Egyptian Natural Gas Holding Company and the Aphrodite project partners, including Cyprus's state energy company and NewMed Energy, which holds a stake in the field.
Production at the field is expected to begin in approximately six years. Egypt is interested in long-term gas supplies to meet growing domestic demand.
In addition, the parties agreed to develop a gas transportation system off the coast of Egypt, which will allow for the delivery of the extracted fuel for further processing and use.
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