Egypt's Ministry of Petroleum and Chevron initialled an agreement on the financial framework for developing the Cypriot Aphrodite gas field and connecting it to Egyptian infrastructure on Tuesday, 20 October in Alexandria, the ministry announced.
The project envisages transporting gas to Egypt to use its reception, processing and liquefaction facilities. The ministry plans to direct it to domestic and international markets, depending on needs and the economic viability of the operation. This is a future supply route, not deliveries already committed.
The text was initialled by the ministry's head of legal affairs, Mohamed El-Bajouri, and Javier La Rosa, Chevron executive in charge of core assets and emerging countries. Egypt's Minister of Petroleum, Karim Badawi, and Cyprus's Minister of Energy, Commerce and Industry, Michael Damianos, attended the ceremony.
This step came during the MOC 2026 Mediterranean oil show, held from 20 to 22 October at the Bibliotheca Alexandrina.
At a meeting with Chevron in Athens on 8 October, the Egyptian ministry had presented the project's next steps. It then referred to a decision to purchase long-lead equipment, followed by a final investment decision, before construction was launched.