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Cyprus, Egypt sign agreement on natural gas

Xinhua, February 17, 2015 Adjust font size:

Cyprus and Egypt signed a Memorandum of Understanding which will serve as the basis for a detailed agreement for the purchase of Cypriot natural gas by Cairo, it was announced here on Monday.

A joint statement said the Memorandum of Understanding was signed in Cairo by Cypriot Energy Minister Yiorgos Lakkotrypis and Egypt's Minister of Petroleum and Mineral Resources Sherif Ismail in the presence of the Egyptian Prime Minister Ibrahim Mahlab.

"The aim is to conclude an agreement within six months from the date of the signature of this Memorandum of Understanding," the statement added.

Bailed-out Cyprus is currently engaged in a program of developing gas deposits in its exclusive economic zone, involving drilling by international energy companies. Endit