Egyptian Minister of Petroleum Tarek El Molla has said that the proposed pipeline between Cyprus’s Aphrodite gas field and Egypt’s liquefied natural gas facilities will cost between $800 million and $1 billion, according to Reuters.
El Molla revealed the information during a joint press conference with Cypriot Energy Minister Yiorgos Lakkotrypis. The Egyptian minister said Cypriot gas sent to Egypt would be used both for export and domestic consumption.
Lakkotrypis emphasized that the two parties would try to come to an agreement as soon as possible but declined to give a timespan.
The two countries have been in talks over the pipeline since December 2017, Egypt Today reported. While no agreement has yet been reached, El Molla stated in February that a deal will be concluded by the middle of 2018, according to Amwal Al Ghad.
The proposed pipeline is a key part of the Egyptian government’s plan to become a major natural gas exporter. The country has seen a rapid increase in natural gas production since the discovery of its gigantic eastern Mediterranean Zohr field in 2015.