The planned gas pipeline from Cyprus’ Aphrodite gas field to Egypt’s liquefied natural gas (LNG) facilities is expected to cost between US$800mn and US$1bn, according to Tarek El Molla, Egyptian petroleum minister
As reported by Reuters, the planned natural gas pipeline is in line with the North African country ambitious plan to increase the production of natural gas and emerge as regional hub for export.
Molla stressed that Cypriot gas is set to be used both for domestic consumption as well as export to the international marketplace.
The North African country focuses on putting an end to the gas imports by 2019 by increasing domestic production.
Egypt has a vast network of natural gas pipeline along with two gas liquefaction plants that are used to quickly export new gas as soon as it comes, said the source.
The source further added that Egypt’s domestic gas production has increased to 5.7 bcf per day, which is up from 5.5 bcf in February.
The country is also urging international investors to invest in the oil and gas sector, as the North African country is said to have a vast potential of oil and gas reserves, which can help the country in achieving sustainable development goals.
