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Cyprus, Egypt sign deal paving way for gas pipeline

AP , Wednesday 31 Aug 2016
Tarek el-Molla
Cyprus' Energy Minister Yiorgos Lakkotrypis, left, and Egypt's Petroleum Minister Tarek el-Molla, right, sign an agreement at the Cyprus' Energy ministry in Nicosia, Cyprus, Wednesday, Aug. 31, 2016. (AP)
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Cyprus and Egypt have signed an agreement paving the way for the supply of Cypriot gas to the Arab nation through an envisioned pipeline.

Cypriot Energy Minister Yiorgos Lakkotrypis and Egypt's Petroleum Minister Tarek el-Molla say the deal sets the political framework for additional commercial agreements that will determine the details of how, where and when the gas will reach Egypt.

The two officials said after signing the deal Wednesday that future agreements will determine whether the gas will be used for Egypt's domestic needs or be exported to other markets.

Lakkotrypis said the target date for gas to reach Egypt is between 2020-22, but officials will look to expedite this.

A field off Cyprus' southern coast is estimated to contain over four trillion cubic feet of gas.

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