The MoU aims to enhance cooperation in maximizing the utilization of Egypt's natural gas infrastructure and exploring its connection to Cypriot discoveries. This initiative seeks to strengthen Egypt's position as a regional hub for natural gas trading and distribution in the Mediterranean region. The signing ceremony was attended by Minister of Petroleum and Mineral Resources, Karim Badawi, and senior executives from ExxonMobil and Qatar Energy in Egypt.

The MoU outlines cooperation in maximizing the utilization of Egypt's natural gas infrastructure and studying its integration with Cypriot discoveries. The memorandum of understanding was signed by Dr. Mohamed El-Bagoury, Head of the Central Department for Legal Affairs at the Ministry of Petroleum and Mineral Resources; Mr. Kenan Nariman, Vice President of ExxonMobil LNG Market Development; and Dr. Ali Al-Manna, Director of International Exploration and Production at Qatar Energy.