Four investment banks have shown interest in funding the natural gas pipeline linking Cyprus's Aphrodite field to Egyptian liquefaction facilities, a Cypriot official involved in the country’s energy sector stated.

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.

A minimum of three years is needed to ship gas to global markets via Turkey from the Aphrodite Gas field in Greek Cyprus and the Leviathan field in Israel.

Egypt has signed a deal with Cyprus that paves the way for further negotiations on a construction of a submarine pipeline, through which the Mediterranean island would export natural gas from its offshore fields to the North African nation.

Eight energy companies have submitted six applications for winning exploratory drilling rights in blocks six, eight, and ten in Cyprus’ Exclusive Economic Zone (EEZ).