Egypt, Greece, and Cyprus sign pact to pipeline Cypriot gas to Europe by 2028
Leaders from Egypt, Greece, and Cyprus met to finalize plans connecting Cypriot offshore fields to Egyptian export infrastructure. Engineering firm McDermott secured a $500m to $750m contract to support the project's development.
Egyptian President Abdel Fattah el-Sisi, Greek Prime Minister Kyriakos Mitsotakis, and Cypriot President Nikos Christodoulides met in El Alamein on Tuesday. They issued a joint declaration calling for work connecting Cyprus' offshore gas fields to Egyptian infrastructure to be completed as soon as possible. Greece also offered a possible onward route into southeastern and central Europe. This agreement aims to provide European buyers with alternatives amid ongoing disruption to Gulf liquefied natural gas (LNG) supplies caused by the Iran war and the blockade of the Strait of Hormuz. Cronos, Cyprus' first major gas development project, is expected to start producing gas in 2028. On the same day, engineering company McDermott announced Eni's Cyprus subsidiary had awarded it a contract valued between $500 million and $750 million for work on Cronos. The deal includes engineering and installation support to help manage the offshore development. Eni and TotalEnergies each hold a 50% stake in the project, which will be developed through four offshore wells and transported via an undersea pipeline.
