Egypt moves to strengthen role as Eastern Mediterranean energy hub

Prime Minister Moustafa Madbouli said cooperation with major international energy companies reflects Egypt’s strategy to maximize the economic value of its resources and strengthen its role as a regional energy hub. Madbouli said Egypt’s natural gas infrastructure gives the country a competitive advantage, allowing it to receive production from Cypriot gas discoveries and re-export it through Egypt. His remarks came during the signing of a memorandum of understanding (MoU) between Egypt’s Ministry of Petroleum and Mineral Resources, ExxonMobil and QatarEnergy on Wednesday. The agreement aims to enhance cooperation on making better use of Egypt’s gas infrastructure and studying the possibility of linking it to gas discoveries in Cyprus. The agreement seeks to support Egypt’s position as a regional hub for natural gas trade and circulation in the Mediterranean region.  It also focuses on benefiting from Egypt’s advanced gas liquefaction and export facilities. Minister of Petroleum  Karim Badawi said the ministry has been working with ExxonMobil to explore ways to utilize the company’s gas discoveries in Cyprus through Egyptian infrastructure. He added that ExxonMobil and QatarEnergy operate in both Egypt and Cyprus, which could support further investments and strengthen regional energy integration. Badawi described the agreement as another practical step toward connecting ExxonMobil’s discoveries in Cyprus to Egypt, following previous cooperation with Eni, TotalEnergies, Chevron and Shell on linking the Cronos and Aphrodite gas fields to Egyptian infrastructure. He said the cooperation would create mutual economic benefits by helping Cyprus and its partners accelerate gas development while enabling Egypt to benefit from the use of its infrastructure and support local industries such as petrochemicals and fertilizers. The post Egypt moves to strengthen role as Eastern Mediterranean energy hub appeared first on Egyptian Gazette.