On Monday, Cypriot Energy Minister George Papanastasiou stated that Cyprus is “well-prepared to utilize Egypt’s infrastructure,” including its undersea pipelines and liquefaction facilities, to export gas to European markets.

Speaking at an energy conference, Papanastasiou added that discussions are ongoing about “supplying Egypt’s domestic market with gas” as well, according to Reuters.

In October, Egypt’s Ministry of Petroleum and Mineral Resources announced that the Egyptian Natural Gas Holding Company (EGAS) and Greece’s Copelouzos Group had signed a shareholder agreement to form a joint venture headquartered in Greece. This new entity aims to facilitate the trade, transportation, supply, and regasification of gas in Eastern Europe and Greece.

Egypt, once positioned to become a major gas exporter after Eni’s 2015 discovery of the giant Zohr offshore field, has faced a steady decline in domestic gas production since 2021, with output reaching a six-year low this year.