Egypt inks deal with Cyprus for power link to Europe

Author: 
AFP
ID: 
1558614379024540000
Thu, 2019-05-23 12:18

NICOSIA: Egypt has signed a deal with a Cypriot firm to lay a
310-kilometer (195-mile) cable under the Mediterranean to export
electricity to Europe, the company said on Thursday.
Nicosia-based EuroAfrica described the deal, worth an estimated two
billion euros, as a “landmark.”
“Cyprus now becomes a major hub for the transmission of
electricity from Africa to Europe,” said company chairman Ioannis
Kasoulides.
It is estimated the project will take 36 months to implement from
the start of construction, with the lowest point 3,000 meters below
sea-level.
Phase 1 will see the interconnector carry a capacity of 1,000 MW
which can be upgraded to 2,000 MW at a later stage.
“The national electricity grid of Egypt will be linked to the
European electricity system through Cyprus and will contribute to
energy security,” Kasoulides said.
Following the crises in Crimea and eastern Ukraine, the EU has been
keen to develop alternative sources of energy to reduce its
dependence on imports from Russia.
In the past year, gas has started flowing from four major new
fields off Egypt’s Mediterranean coast, and output is already
sufficient to meet domestic needs.
The Arab world’s most populous country is now seeking to develop
the infrastructure to export its newfound energy wealth, both as
liquefied natural gas and as electricity.
Egypt is also seeking to import gas from fields off Cyprus and
Israel to boost the profitability of the new liquefaction and
export facilities it is developing on its Mediterranean coast.
In September, Egypt signed a deal with Cyprus to build an undersea
pipeline to pump Cypriot offshore gas to Egypt for processing for
export to Europe.
The plans have led to closer eastern Mediterranean ties, with
Cyprus, Egypt, Greece and Israel holding regular high-level
meetings.

Main category: 

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Source: FS – All-News-Economy
Egypt inks deal with Cyprus for power link to Europe