Cairo, Egypt – In a landmark agreement signed at the Egypt Energy Show (EGYPES 2025), Egypt and Cyprus have solidified their collaboration to develop a major gas hub in the Eastern Mediterranean. The agreement, witnessed by Egyptian President Abdel-Fattah El-Sisi and Cypriot President Nikos Christodoulides, paves the way for the rapid development of the substantial Cronos gas field off the coast of Cyprus.
The Cronos field, discovered in 2022 and appraised in 2024, is estimated to hold over three trillion cubic feet of gas. Under the terms of the agreement, the gas will be transported to Egypt for processing at existing facilities, leveraging Egypt's robust hydrocarbon infrastructure. Specifically, the gas will be processed at the Zohr field facilities before being liquefied at the Damietta LNG plant for export to European markets. This strategic partnership positions Cyprus as a significant gas producer and exporter, while further solidifying Egypt's role as a regional energy center.
The agreement was formally signed by Egyptian Minister of Petroleum and Mineral Resources Karim Badawi, Cypriot Minister of Energy, Commerce and Industry George Papanastasiou, and Eni CEO Claudio Descalzi. Eni, a key player in the region, operates Block 6, where the Cronos field is located, with a 50 percent stake. The company also holds interests in other exploration blocks off the Cypriot coast.
Descalzi emphasized the significance of the agreement, stating that it will accelerate the commercialization of Cypriot gas, thereby enhancing energy security and supply competitiveness. He highlighted the strategic advantage of utilizing Egypt's existing infrastructure, including its export facilities, which are crucial for regional energy development. The Eni CEO further noted that this partnership reinforces the growing importance of Egypt and Cyprus in the Eastern Mediterranean energy hub, a region poised to play an increasingly prominent role in the global gas market.
The signing ceremony took place during the opening of the eighth edition of EGYPES, a major energy conference and exhibition held in Cairo from February 17-19. President El-Sisi also met separately with President Christodoulides to discuss ways to strengthen cooperation in natural gas production, liquefaction, and transportation, emphasizing the mutual benefits for both nations and the positive impact on the European market. Furthermore, President El-Sisi met with Eni CEO Descalzi, who reaffirmed Eni's commitment to its strategic partnership with Egypt and acknowledged the country's key role as a regional energy hub with significant potential for gas exploration and liquefied gas production. This multi-faceted collaboration underscores the growing importance of the Eastern Mediterranean as a vital energy source and strengthens the strategic partnership between Egypt and Cyprus.
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