In a new step toward advancing Egyptian-Cypriot cooperation in the natural gas sector and accelerating the utilization of Eastern Mediterranean resources, Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, and Cyprus’s Minister of Energy, Commerce and Industry, Michael Damianos, oversaw the initialing of a financial framework agreement. This agreement concerns the development of the Cypriot "Aphrodite" gas field and its connection to Egypt. The signing took place on the sidelines of the Mediterranean Petroleum Conference and Exhibition (MOC 2026), held at the Library of Alexandria from October 20 to 22.

This agreement—along with an accompanying memorandum of understanding—is part of the broader momentum at MOC 2026 aimed at strengthening international partnerships, advancing joint projects, and expanding cooperation among oil and gas companies. Such efforts support the economic utilization of energy resources while opening new avenues for investment, the transfer of expertise, and the exchange of technology.