Egypt and Cyprus to cooperate in oil exploration
Egyptian and Cypriot officials plan to meet in late July, to discuss the possibility of the two countries cooperating in the exploitation of oil reserves in the Eastern Mediterranean, reported the Nicosia Cyprus News Agency.
According to the news agency, Egypt’s petroleum minister, Sameh Fahmy, will be traveling to Cyprus to hold discussions with Nikos Rolandis, Cyprus’ commerce, industry and tourism minister. News of the planned visit was made after the two countries signed a trade protocol last week to enhance bilateral commercial links.
The signing ceremony was a highlight of the visit by an Egyptian delegation, which met with members of the island’s government, as well as representatives of the Cyprus Chamber of Commerce and Industry and the State Fairs Authority Trade.
Bilateral trade between Cyprus and Egypt currently stands at approximately $70 million annually. – (MENA Report)
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