Cyprus and Egypt are set to sign two major agreements on natural gas commercialisation next Monday in Cairo, marking a significant milestone for energy cooperation between the two nations. Cypriot President Nikos Christodoulides made the announcement during an emergency cabinet meeting on Friday, highlighting the economic and strategic importance of the deals.

The agreements will involve major international energy companies, including ENI, Total, Chevron, Shell, and NewMed, in collaboration with both governments. They represent the first commercialisation agreements for Cyprus’ offshore gas reserves, a crucial step in the country’s efforts to monetise its energy resources.

“This is a defining moment for Cyprus,” President Christodoulides said, addressing his ministers at the presidential palace in Nicosia. “These agreements will have a direct impact on the country’s economy and contribute to our long-term goal of reducing electricity costs.”

The deal underscores the strengthening of energy partnerships in the Eastern Mediterranean, an area of growing geopolitical significance due to its untapped hydrocarbon potential.

The agreements will regulate the extraction, transportation, and sale of natural gas, with Egypt serving as a key transit hub.

Industry experts view the move as a critical step in Cyprus’ energy strategy, which aims to boost the country’s energy independence while securing a role in global energy markets. The agreement could also enhance European energy security, offering an alternative source of supply amid ongoing global challenges.

During the meeting, President Christodoulides also reflected on the broader economic outlook, thanking his ministers for their work on regional development projects.

He specifically praised the outcome of a recent regional council meeting for the free Famagusta district, where over 30 government initiatives worth €122 million were announced.

“This was a highly successful meeting,” he said. “The feedback we received was constructive, and all proposals were justified. We will continue with similar regional discussions across all districts, with Larnaca set to host the next one.”

The government’s commitment to transparency and accountability was a key theme of the meeting. Christodoulides reiterated that these discussions were part of a long-term dialogue with the public, which began even before the election campaign.

The upcoming agreements with Egypt mark a significant turning point for Cyprus’ energy sector. By securing commercialisation deals with international energy giants, the country is positioning itself as a key player in the region’s energy landscape.

With further regional meetings planned and more economic initiatives in the pipeline, the Cypriot government is focusing on sustained development and economic stability, driven by strategic energy partnerships.

The signing ceremony in Cairo on Monday is expected to be attended by high-ranking officials and representatives from the participating companies, setting the stage for closer cooperation between Cyprus and Egypt in the years ahead.