Egypt to Buy Cyprus Gas Field Aphrodite’s Entire Output

Egypt agreed to buy the entire output of the Aphrodite gas deposit in Cyprus when the field starts up in about six years, as the North African country looks to ensure long-term supply to meet growing demand.

Egyptian Natural Gas Holding Co. signed the preliminary deal with the companies that operate the Aphrodite project and Cyprus’ state-run oil and gas firm, Newmed Energy LP, which owns a stake in the project, said in a statement. The Aphrodite partners and Egypt also agreed a framework to develop a gas transmission system off the coast of the African country, according to the statement.