1.8 billion dollar natural gas agreement between ENI and the Greek Cypriot administration

Italian energy company ENI has signed a 1.8 billion dollar agreement to commercialize natural gas discovered in Block 6, located south of the island and leased from the Greek Cypriot administration, by shipping it to Egypt.

The agreement, signed by Greek Cypriot Energy Minister Michalis Damianos and ENI Chief Operating Officer of Natural Resources Guido Brusco, was witnessed by Greek Cypriot leader Nikos Christodoulides. According to the planned project, the natural gas extracted from the field will be transported to Egypt via pipelines, where it will be liquefied and supplied to the European market.

Christodoulides stated that this initiative marks a turning point for the commercialization of natural gas fields off the coast of Cyprus for the first time. The parties aim to carry out the first gas shipment within the coming year.