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Maroc Maroc - FINANCIALMIRROR.COM - A La Une - 18/Feb 07:45

Cyprus-Egypt pipeline a reality, at last

A decade after the idea was first put on the table, Cyprus and Egypt have finally agreed to transport natural gas from the island’s as yet unutilised offshore reserves to facilities on the North African coast for processing and re-export to international markets. This means that Cyprus will at last abandon the over-ambitious plan to build its own liquefaction plant and save about 10 bln euros, which oil majors were reluctant to foot the bill for. Instead, Egypt’s under-utilised plants at Damietta and Edku, some 240 kms south, can now work at increased capacity, reducing costs and making the Cyprus natgas

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