Cyprus-Egypt Aphrodite Gas Field Lures Investors

Cypriot Parliamentary Speaker Demetris Syllouris, center, with counterparts Ali Abdel-Aal of Egypt, right, and Nikos Voutsis of Greece, left, talk during a press conference i the parliament house in capital Nicosia, Cyprus, Monday, Feb. 11, 2019. (AP Photo/Petros Karadjias)

NICOSIA – A deal between Egypt and Cyprus to develop the Aphrodite gas field off the island’s coast is drawing keen interest from international oil companies, Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla said.

In an interview with the Cyprus News Agency, he said the gas pipeline between the countries will see a commercial agreement coming that would be lucrative for the countries as part of the East Mediterranean Gas Forum.

He said there are political benefits with money being an equalizer and that with so many countries linked to the field’s findings that the multi-national aspects could show the world that the often volatile region is “the most ready option with the least risk” for gas supply of Europe.

As for the option of East Med pipeline between Cyprus, Greece, Israel and Italy, he said that the feasibility study for the project would take up to two years, “which in itself is a luxury the region can’t afford any more,” saying the Egyptian model is better.

Cypriot Parliamentary Speaker Demetris Syllouris, center, with his counterparts Ali Abdel-Aal of Egypt, right, and Nikos Voutsis of Greece, left, talk during a press conference in the parliament house in capital Nicosia, Cyprus, Monday, Feb. 11, 2019. Syllouris, Abdel-Aal and Voutsis agreed on strengthening cooperation especially in the fields of energy, tourism, education and culture. (AP Photo/Petros Karadjias)

Cypriot Parliamentary Speaker Demetris Syllouris, center, with Egyptian counterpart Ali Abdel-Aal, right, and Nikos Voutsis of Greece, left, talk during a press conference in the parliament house in capital Nicosia, Cyprus, Monday, Feb. 11, 2019. Syllouris, Abdel-Aal and Voutsis agreed on strengthening cooperation especially in the fields of energy, tourism and education and culture. (AP Photo/Petros Karadjias)