Egypt will sign an energy agreement with the European Union (EU) before mid-2018, Egypt Oil & Gas reports.

Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, said that he expects the EU to become the main beneficiary of energy transported from Egypt.

El Molla’s statements came during his keynote speech in the International Petroleum Week, entitled “Egypt’s Role in 2018 as a Regional Centre for Energy and Oil Trade”.

The minister said that Egypt has signed a preliminary agreement with Cyprus while the two sides negotiate a more comprehensive deal.

There is also strong cooperation between Egypt and Greece in the oil and gas industry, in light of political developments that may pave the way for the conclusion of more trade agreements.

Egypt and Jordan have also strengthened their ties in this regard, after Egypt signed a memorandum of understanding (MoU) with Iraq and Jordan allowing crude oil and natural gas to be transported from Iraq to Egypt, through Jordan.