Badawi Praises Role of Egypt, Cyprus, Greece Cooperation in Unlocking East Med Natural Gas Potential

Badawi Praises Role of Egypt, Cyprus, Greece Cooperation in Unlocking East Med Natural Gas Potential

Minister of Petroleum and Mineral Resources Karim Badawi stated that cooperation between Egypt, Cyprus, and Greece is key to unlocking the potential of the region’s natural gas resources, enabling the extraction of discovered reserves, and leveraging Egypt’s strategic location, and infrastructure to meet rising regional and global energy demand.

At the Egyptian-Cypriot-Greek Business Forum, held alongside the 10th trilateral summit, Badawi emphasized the importance of joint efforts and strong political support from all three nations to maximize economic benefits. He highlighted Egypt’s strategy to leverage its strategic location, advanced infrastructure, and energy resources to attract investments and foster regional cooperation.

The forum was attended by key officials from the three countries, including Mahmoud Esmat, Minister of Electricity and Renewables; Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation; Yiannis Panayiotou, Minister of Labor and Social Insurance of the Republic of Cyprus; George Papanastasiou, Minister of Energy, Commerce and Industry; Kostas Fragogiannis, Greek deputy Minister for Foreign Affairs; Ahmed El Wakil, Federation of Egyptian Chambers of Commerce Chairman, along with other officials in Chambers of Commerce at Cyprus and Greece, and their Ambassadors to Egypt.

Badawi noted recent progress in Egypt-Cyprus cooperation to co-develop Cypriot gas fields through Egypt, utilizing existing facilities for processing, transportation, export to Europe, or directing to local utilization in petrochemical production, for mutual maximization of economic returns.

Additionally, Badawi emphasized a significant development: a new Egypt-Greece partnership in natural gas trade. This includes the establishment of a joint gas company with the Copelouzos Group, following discussions with President Abdel Fattah El-Sisi. This partnership underscores the region’s commitment to sustainable energy development and economic growth through enhanced trilateral and bilateral cooperation, with further concrete steps expected soon.

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Sarah Samir 3785 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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