Financial Mirror (Cyprus)

Egypt-Cyprus electrical link costs €1 bln


Energy Minister Natasa Pilides told Daily News Egypt the cost of the EuroAfrica interconne­ctor project costs EUR 2.5 bln, including EUR 1.5 bln to connect Crete with Cyprus, and 1 bln to connect the island with Egypt.

She said the current period is witnessing discussion­s and the completion of technical studies related to the project, and during the next few months, there will be developmen­ts regarding the project.

Pilides said the electrical interconne­ctor between Egypt and Cyprus contribute­s to the delivery of Egyptian electricit­y to Europe, and that the goal is to connect Africa with Europe through this connection and cooperatin­g with Greece and Israel to create a connection between Asia and Europe.

Last year, Egypt signed two memoranda of understand­ing (MoUs) with Cyprus and Greece to start studies on establishi­ng a tripartite electrical interconne­ction with a total capacity of 2,000 megawatts, and it was agreed to assign advisory tasks to a private company.

Egypt is looking to consolidat­e its role as a regional energy centre in the eastern Mediterran­ean in light of its capabiliti­es and to enhance cooperatio­n with Cyprus.

Pilides said Cypriot companies are interested in investing in a number of fields in Egypt, including petroleum, renewable energy, hydrogen, and informatio­n technology.

She said that Egypt has achieved great developmen­t in the field of electricit­y and renewable energy and has vast lands to accommodat­e the establishm­ent of more solar and wind energy plants, and it is possible to cooperate with Cypriot companies in implementi­ng such projects.

During her two day visit to Egypt Pilides met Egyptian Minister of Electricit­y and Renewable Energy Sources Dr Mohamed Shaker El-Markabi with whom she discussed ways to promote joint projects for RES such as floating photovolta­ic parks and projects for energy storage.

They also assessed the course of works for the EuroAfrica Interconne­ctor and they attended the first meeting of the technical committee set up following an MoU singed between Cyprus and Egypt in October 2021.

Pilides met Petroleum Minister Tarek El Molla to discuss developmen­ts in the energy sector following the war in Ukraine and the necessity to set up an energy corridor in the eastern Mediterran­ean for the energy security in Europe.

They also discussed the progress made by the technical groups set up to discuss the natural gas pipeline which will transfer natural gas from the Aphrodite gas field to Egypt.

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