Egypt’s strategy is to position itself as an energy hub in the region.
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Cyprus and Egypt signed an agreement Wednesday that paves the way for the supply of gas to the Arab nation via an undersea pipeline that officials hope will create a regional energy hub. Cypriot Energy Minister Yiorgos Lakkotrypis and Egypt's Petroleum Minister Tarek al-Molla said the deal sets the political framework for additional commercial agreements that will determine of how, where and when the gas will reach Egypt. It is yet to be determined whether the gas will be used for Egypt's domestic needs or be liquefied at Egypt's processing plants for export to other markets.Last month, ExxonMobil, Qatar Petroleum and Capricorn Oil were among eight companies that applied for a license to conduct more exploratory drilling off Cyprus.Cyprus, Egypt and Greece are already in talks to expand energy cooperation.
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