Cyprus and Egypt on Monday signed an oil and gas Memorandum of Understanding.

Cyprus and Egypt on Monday signed an oil and gas Memorandum of Understanding.(CM).

It provides for cooperation between the two countries in the development and exploitation of the Cypriot ‘Aphrodite’ gas field in block 12 of Cyprus’ Exclusive Economic Zone, utilising gas infrastructure existing in Egypt for the mutual benefit of the two countries.

In particular, the MoU authorises the Egyptian Natural Gas Holding Company (EGAS) and the Cyprus Hydrocarbons Company (CHC) Ltd to examine technical solutions for transporting natural gas, through a direct marine pipeline, from the Aphrodite field to Egypt.

The Cypriot Government is in advanced talks with Russia regarding the signing of a number of cooperation agreements, the Government Spokesman Nikos Christodoulides, referring to the upcoming visit of President Nicos Anastasiades in Moscow.

Commenting on statements by Russian Ambassador Stanislav Osatsi in an interview with "Kathimerini" newspaper, that Russian - Turkey relations is not an obstacle for Russia's cooperation with Cyprus, Christodoulides said that "each country works solely trying to serve its own strategic interests and that is what Russia does, that is what the Republic of Cyprus does”.

"In this context we are in advanced processes, in advanced talks for the signing of a number of significant agreements and within the next week there will be more specific announcements by both the Russian side and the Republic of Cyprus," he said. Read the full story here.