Mohamed Zaazou: Egypt is eager to support Cyprus as it advances with the exploitation of its natural resources

Egypt is eager to support Cyprus as it advances with the exploitation of its natural resources, with the two recently signed energy agreements holding great potential for mutual benefit, Egypt’s Ambassador to Cyprus Mohamed Zaazou has told GOLD Magazine in an upcoming interview.

Egypt and Cyprus signed two historic MoUs this week with the relevant energy companies regarding the exploitation of the Aphrodite and Cronos gas fields. The signing ceremony took place on the margins of the EGYPES energy conference, which was attended by President Nikos Christodoulides, who was invited by counterpart President Abdel Fattah El Sisi.

“This collaboration will mark another important milestone in advancing our shared goals for the region’s energy future. Looking ahead, as Cyprus continues its efforts in natural gas exploration and production, Egypt remains committed to further deepening its cooperation with Cyprus to ensure that both countries fully benefit from their respective resources. Through strategic partnerships and joint projects, we can work together to strengthen regional energy security and contribute to a stable and sustainable energy future,” Zaazou said.

Commenting on Egypt’s history and experience in natural gas exploitation, the ambassador said the first natural gas discovery in Egypt was made in 1967 in the Nile Delta, followed by the first discovery in the Mediterranean Sea in 1969.

Since then, he added Egypt has developed a solid foundation in the energy sector, building significant infrastructure and attracting to it substantial international investments.

“With this infrastructure in place, Egypt is eager to support Cyprus as it advances with the exploitation of its natural resources. Our two countries have built a strong partnership and this cooperation in the energy sector holds great potential for mutual benefit,” he said.

According to Zaazou, cooperation between Cyprus and Egypt in the energy sector will not only enhance energy security for both nations but will also contribute to lowering electricity prices, making natural gas a more affordable and sustainable option for households and industries. Furthermore, it will demonstrate how the East Med region can evolve into a strategic hub for natural gas, positioning it as a significant player in global energy markets.

“We believe that this partnership represents a win-win formula for both sides, enabling both to maximise the benefits of their resources while enhancing regional energy security and driving economic growth,” he explained.

A key component of this collaboration is the transportation of Cypriot natural gas to Egyptian infrastructure. With Egypt’s liquefied natural gas (LNG) facilities already in place, the gas can be efficiently liquefied before being exported to international markets. Thanks to this existing infrastructure and Egypt’s well-established energy sector, Egypt is well-positioned to support Cyprus in this next phase of its energy development.

“This is why the past matters when discussing future plans. It brings with it valuable experience, established skills and knowledge, which will help ensure the success of our collaboration and enable both countries to exploit their true potential,” he said.

Mohamed Zaazou’s full interview will be published in the March issue of GOLD magazine