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Cyprus to fund billion pipeline for Aphrodite gas project in Egypt

By Africazine

Cyprus is taking a bold step in its energy strategy by financing a major pipeline project. This initiative aims to connect the Aphrodite gas field to liquefaction facilities in Egypt, with a total investment of USD 2 billion.

The agreement marks a significant shift from initial negotiations, where a 50:50 cost split was proposed. By covering the entire pipeline cost, Cyprus secures access to Egyptian infrastructure, crucial for its energy export ambitions.

Cyprus Invests in Energy Infrastructure

The USD 2 billion pipeline will link Cyprus’s Aphrodite gas field to liquefaction facilities in Egypt. This project is essential as Cyprus seeks to enhance its energy export capabilities amid declining domestic production. The Aphrodite field is estimated to hold 3.5 trillion cubic feet (tcf) of reserves, which are vital for Egypt’s plans to become a regional energy hub.

By utilizing Egyptian infrastructure, including regasification vessels and liquefaction plants, Cyprus aims to streamline its energy export process. This collaboration is expected to bolster both nations’ positions in the energy market.

Cyprus: Key figures on pipeline costs

  • USD 2 bn pipeline cost
  • 3.5 tcf of reserves in Aphrodite field

Future Developments in Energy Collaboration

Construction of the pipeline is slated to begin in 2027, with gas flows anticipated to start in 2030. Additionally, the upcoming Egypt Energy Show in late March is expected to unveil significant announcements regarding gas re-export ambitions with Cyprus.

Next Steps for Cyprus and Egypt

  • Start construction of the pipeline in 2027
  • Begin gas flows in 2030
  • Watch for announcements at the Egypt Energy Show in late March

Cyprus is strategically investing in its energy future by financing a key pipeline project.

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