All signatures have been obtained for the memorandum of understanding (MoU) covering the sale of all recoverable natural gas from Cyprus' Aphrodite field to the Egyptian Natural Gas Holding Company (EGAS), according to reports from Cyprus Mail.
The agreement involves NewMed Energy, the consortium operating the Aphrodite field, and marks a significant step in monetizing Cyprus' offshore gas reserves.
By securing EGAS as the buyer, the deal establishes a clear export pathway for the resource, linking Cypriot production to the broader Mediterranean energy network.
This development is part of a wider business update from Cyprus, which also highlighted Eurobank being named the country's best bank for 2026 by Euromoney.
The Greek lender was also recognized as the best bank for large corporates in the jurisdiction, underscoring the stability of the local financial sector alongside energy sector progress.
The signing of the MoU removes a key uncertainty regarding the off-take strategy for the Aphrodite field.