Chevron welcomes Egypt-Cyprus sign as key step for Aphrodite gas project
Egypt - The Memorandum of Understanding (MoU) signed on Monday between the governments of Egypt and Cyprus, alongside Chevron, marked a significant milestone in advancing key commercial agreements for the Aphrodite gas project, located offshore Cyprus.
The agreement strengthens the project's long-term viability and supports regional energy collaboration.
Frank Cassulo, Vice President of Chevron International Exploration and Production, expressed optimism about the agreement, stating: 'We welcome this MoU. It will provide the basis to move forward with related commercial arrangements.' He reaffirmed Chevron's commitment to developing the Aphrodite project alongside its Joint Venture partners, emphasizing its strategic importance both for Cyprus and for Chevron's Eastern Mediterranean portfolio. He also highlighted the project's role in supplying natural gas to Egypt, helping to meet the country's increasing energy demand.
The approved Development and Production Plan (DPP) includes the establishment of a Floating Production Unit (FPU) within Cyprus' Exclusive Economic Zone (EEZ) and a pipeline to export gas to Egypt.
Chevron's extensive resource base in the Eastern Mediterranean, estimated at 45 trillion cubic feet (TCF) of gross resources, offers significant expansion opportunities to meet growing natural gas demand in the coming decades.
Cassulo underscored the Aphrodite project's long-term significance, stating that it will become an integral part of Chevron's regional network of high-reliability assets.
He concluded by noting that as Chevron advances its global projects, the company remains committed to fostering economic growth and strengthening both regional and global energy security.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
6 days ago
- Arabian Post
Solana and Dubai Forge Strategic Blockchain Alliance
Solana Foundation has formalised a partnership with Dubai's Virtual Assets Regulatory Authority , marking a significant step in integrating blockchain innovation within the emirate's regulatory framework. The Memorandum of Understanding , signed on 3 June 2025, outlines collaborative initiatives aimed at fostering a robust crypto ecosystem in Dubai. Central to this alliance is the establishment of the Solana Economic Zone in Dubai, envisioned as a hub for developers, entrepreneurs, and startups operating on the Solana blockchain. This zone is designed to provide access to Dubai's progressive regulatory environment, including sandboxes and talent networks, positioning the city as an attractive destination for international Web3 projects. The partnership encompasses talent development programs, regulatory workshops, ecosystem research, and market insight sharing. Solana Foundation and VARA plan to co-host events, offer policy guidance, and support Solana-based startups in or relocating to Dubai. An integral component of the agreement is the sharing of anonymised data to evaluate the impact of digital assets on employment and economic growth within the UAE. ADVERTISEMENT Lily Liu, President of Solana Foundation, emphasised the strategic importance of this collaboration, stating that it represents a new chapter for Solana in the MENA region. She highlighted Dubai's leadership in regulating and fostering digital assets, noting that the partnership bridges builders and regulators in one of the fastest-growing crypto hubs globally. Henson Orser, CEO of VARA, welcomed the collaboration, reinforcing the authority's commitment to building a future-forward economy powered by innovation, trust, and inclusion. He acknowledged the potential of the Solana Economic Zone to attract international projects seeking to scale operations under a progressive regulatory framework. The announcement has had a positive impact on Solana's market performance. Following the news, the SOL token experienced a modest increase, trading around $160, with a 4% rise observed on the day of the announcement. Market analysts interpret this as a bullish signal for Solana's long-term outlook, reflecting growing confidence in the ecosystem and broader adoption.
Zawya
7 days ago
- Zawya
Launch of Israel's Nitzana pipeline with Egypt delayed to H1 2028 over disputes
Arab Finance: The start-up date of the planned 600 million cubic feet per day (cfd) Nitzana pipeline, set to boost Israeli natural gas exports to Egypt, has been pushed to the first half (H1) of 2028 due to ongoing disagreements over cost-sharing and volume allocation, according to the Middle East Economic Survey (MEES). The expected date pushback was due to disputes between Chevron-led partners in Israel's Leviathan and Tamar gas fields and the country's Natural Gas Authority. The setback will cap Israeli gas exports to Egypt at 1.6 billion cfd from the second half (H2) of 2026, hindering Egypt's efforts to substitute costly liquefied natural gas (LNG) imports with more affordable pipeline gas amid surging domestic demand and falling production. The proposed Nitzana pipeline, which was expected to come online this year, is a 65-kilometer onshore connection between Israel's southern gas network and Egypt's network in eastern Sinai. With a planned capacity of 600 million cfd, it aims to expand Israel's export capacity to Egypt to 2.2 billion cfd. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Hi Dubai
7 days ago
- Hi Dubai
UAE Ministry of Investment Signs MoU with Malaysia's Perak Corporation to Boost Food Security and Trade
The UAE Ministry of Investment and Malaysia's Perak State Development Corporation have signed a Memorandum of Understanding to strengthen cooperation in food security and infrastructure development, marking a new chapter in bilateral trade relations. Signed by UAE Minister of Investment Mohamed Hassan Alsuwaidi and Yab Dato' Seri Haji Saarani Bin Mohamad, Chairman of Perak State Development Corporation, the agreement sets the stage for joint investment initiatives focused on sustainable food systems and logistics. A key component of the partnership includes developing the Bagan Datuk International Sea-Hub Multipurpose Terminal in Perak. The strategic project is expected to enhance global supply chain connectivity and support Malaysia's role as a regional hub for food exports. The MoU builds on the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Malaysia in January 2025, reinforcing both nations' commitment to long-term economic collaboration. Alsuwaidi stated that the partnership aims to create 'meaningful international collaborations that deliver tangible value' and support 'regional supply chain resilience.' Saarani noted that the terminal will serve as a 'critical gateway' for Malaysia's food exports while supporting broader infrastructure and agricultural growth. The UAE and Malaysia continue to deepen economic ties, with non-oil bilateral trade reaching $4.9 billion in 2023 and $4 billion in the first nine months of 2024. The UAE is Malaysia's second-largest trading partner in the Middle East, while Malaysia ranks as the UAE's 12th largest Asian trading partner. News Source: Emirates News Agency
