QatarEnergy signed a Memorandum of Understanding (MoU) with Egypt and ExxonMobil to study enabling the potential development and commercialisation of gas discoveries in Cyprus through Egypt’s existing gas and LNG export infrastructure.
The MoU enables the three signatory parties to study future
growth opportunities and flexible commercial frameworks in light of Egypt’s
position in the region and its gas infrastructure, which serves both domestic
consumers and global markets.
It highlights Egypt’s role as a potential hub for Eastern
Mediterranean gas, supporting deeper integration between Egypt and Cyprus in
the field of natural gas while optimising the utilisation of existing
infrastructure.
Saad Al-Kaabi, the Minister of State for Energy Affairs, the
President and CEO of QatarEnergy, said: “This MoU represents an important step
in advancing regional energy cooperation across the Eastern Mediterranean
through unlocking the long-term commercial potential of natural gas resources
across that region.”
Minister Al-Kaabi added: “We look forward to working closely
with the Government of Egypt and our strategic partner ExxonMobil to achieve
the objectives of this MoU for the benefit of all parties.”
This collaboration reflects the shared intent of all parties
to developing integrated and commercially sustainable energy solutions to
support growing regional demand, while enhancing connectivity between regional
and international markets.
The MoU further reinforces Egypt’s role in the Eastern
Mediterranean and its continued commitment to advancing regional energy
development through strong partnerships and infrastructure integration.
It is also expected to promote broader regional cooperation and contribute to supply diversification across multiple markets. -OGN/TradeArabia News Service
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