Italian energy company Eni is on Monday set to sign contracts worth $1.8 billion for the construction of the infrastructure which will allow for the natural gas in Cyprus’ Kronos gas field to be extracted from under the seabed and transported to Egypt for liquefaction.

The Kronos field is located in Block 6 of Cyprus’ exclusive economic zone, with Eni owning the rights to the resources in that block alongside Frech energy giant Total.

Given the proximity of the Kronos field and Block 6 to Egypt’s Zohr gas field, which Eni also operates, Eni will be able to use its own infrastructure to take the Cypriot natural gas to the Segas liquefied natural gas (LNG) terminal in the Egyptian port city of Damietta, and export the gas to Europe and, if required, elsewhere from there.

Eni reached its final investment decision for the project in July, and said at the time that it believes there are more than three trillion cubic feet of natural gas in the field.

The company has also promised a “fast-track development model”, with it hoped that the first Cypriot gas will be sold as early as 2028.

This goal is shared by Cypriot President Nikos Christodoulides, who said earlier this year that “the goal is to sell the first Cypriot natural gas to Europe through Egypt in 2028 and we are approving all the relevant agreements”.

Last year, the Egyptian government was designated as the “host government” for Block 6, paving the way for the gas to be sent to Damietta for liquefaction, given that Cyprus does not yet have domestic liquefaction facilities, with efforts to build a liquefaction terminal at Vasiliko having stalled in recent years.

However, the Cypriot government has faced criticism regarding the deal, with energy expert Charles Ellinas having said that Eni may be “pressing for more concessions” to reduce the amount of money the state will make from the gas’ extraction and sale.

Additionally, he said that the amount of liquefied natural gas entering the market may increase by as much as 40 per cent in the coming years, and that with those “huge quantities” entering the market, “it is expected that LNG prices will decrease considerably”.