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Energy, Egypt, Cyprus,

Cyprus & Egypt Energy Agreement

The exploitation of the gas field "Aphrodite" in Block 12 of the Exclusive Economic Zone of Cyprus will become a direct line to one of the two terminals of Egypt, said this afternoon the Minister of Energy, Trade, Industry and Tourism George Lakkotrypis who signed today in Egypt Memorandum of Understanding for cooperation in the oil and gas sector.

Speaking at Larnaca Airport on his return from Egypt, the Minister said that "today we essentially a first but very important step in a process that will follow him next time to commercialization of the deposit Venus. We signed a Memorandum of Understanding with the Egyptian government is government by government, a memorandum bearing the boxes will move our cooperation, with a direct line from the deposit Venus to one of two terminals of Egypt and essentially authorizes state companies, state and not begin discussions both on the technical aspects and the commercial aspects of a possible agreement. "

Hopefully, continued Mr. Lakkotrypis "that the coming months will advance this process. But it takes time because we speak too serious commercial terms to be agreed in detail. "

Replying to a question, the Minister said that "the mere fact that the signatures were in the presence of Prime Minister of Egypt, and in the midst of a difficult situation concerning the implementation 21 Egyptian workers in Libya, I think says it all and how upgraded consider this the fact on the part of Egypt. We look forward to these discussions, it will take time and will hopefully reach a mutually beneficial trade agreement. "

Mr. Lakkotrypis even noted that virtually the Memorandum states that require maximum six months to complete the technical study "and thereafter be agreed commercial terms. So it takes time because we are talking about big deals, talking about many terms to be agreed in detail. "

Invited to say whether he would create terminal in Cyprus, the Minister reiterated that "look how to exploit the deposit Venus as soon as possible and in the best conditions we can ensure. Beyond any other infrastructure will be needed, this will depend on the results of exploratory wells taking or will take place in the near future. "

Mr. Lakkotrypis responded negatively to the question whether the two governments are going into any financial discussions and added that "this is not the job of governments. The job of government is to set the framework and thereafter the techno-economic discussions will be made by the companies either public or not, the joint venture that will create "he concluded.

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