The Egyptian media are reporting about the completion of all technical and financial studies into natural gas imports from Cyprus.
EGAS, a Natural Gas Holding Company owned by the state, is reviewing the study that ENPPI has completed, as stated by Al-Borsa, a local newspaper. As the chairman of EGAS, Khalid Abdul-Badi, stated to Al-Borsa, the study also includes more specifications and the cost of linking a maritime pipeline from the Egyptian territory with Aphrodite field in Cyprus. It was also added that EGAS is planning to start importing a large amount of natural gas, and if everything goes as planned and expected the import will begin in 2018.
EGAS have already signed a memorandum of understanding with Cyprus Hydrocarbons Company to exchange information for the building of the pipeline that will allow the importation of natural gas from Cyprus to Egypt during an economic summit that was held in Sharm el-Sheikh last March.
The private sector will of course get involved in a deal for importing gas from Cyprus, since as stated by a Ministry of Petroleum official, it would be much better and cheaper, without exceeding $6 per million BTU compared to $10 per million BTUs for LNG. As the same official added, the private sector had to establish a governing body of regulations to be able to oversee the consumption and being able to resolve its own fuel needs, something that is completed giving the private sector the chance to take part in the deal.