Cyprus and Egypt sign framework agreement for gas field development

On March 30, 2026, the Republic of Cyprus and Egypt signed a framework agreement for the commercial development of the Kronos and Aphrodite offshore gas fields. The document was signed by the respective energy ministers in Cairo during the EGYPES 2026 conference, in the presence of President Nikos Christodoulides and President Abdel Fattah al-Sisi. The agreement establishes a joint technical committee tasked with negotiating the commercial and technical terms for exporting Cypriot natural gas to Egypt. While the leaders emphasized the strategic importance of the deal, Energy Minister Michalis Damianos clarified that it primarily confirms existing political direction rather than introducing new technical terms. The agreement formally groups the two fields under a single development framework for the first time. However, media reports note that the timeline for commercialization remains uncertain, as the final investment decision by the company Eni for the Kronos field faces delays. Further negotiations are still required to address specific economic aspects, including pricing and gas distribution percentages.