- Egypt-Cyprus sign MoU for a project to facilitate energy trade
Barely four days following the historic agreement with Greece, Egypt has signed another interconnection agreement with Cyprus. The Memorandum of Understanding (MoU) between Egypt and Cyprus will set the ball rolling for electricity trade between both countries and ensure a steady energy supply for Cyprus. In addition, the MoU will allow for the grant of permits for technical studies and the laying of the undersea inter-connector cables.
Speaking at the signing ceremony, Cyprus Energy Minister Natasa Pilides said, “For Cyprus, this electricity interconnection with Egypt, one of our valued strategic allies in the region, has the potential to constitute a cornerstone of our efforts to transition to a green economy,”
“Fortifying our electricity grids and allowing the further integration of renewables in our respective energy mix, enhancing the security of our energy supply and enabling us to become exporters of energy, are but a few of the tangible benefits,” Pilides added.
The Cyprus Ministry of Energy has said the project would help The statement, issued by the Ministry of Energy, Commerce and Industry, said the project is part of the tripartite scheme to interconnect Egypt, Cyprus and Greece.