The President has called an emergency cabinet meeting for 4:30 pm today to authorise a crucial natural gas agreement with Egypt for the development of the Cronos field.
The Minister of Energy is expected to receive authorisation to sign a Host Government Agreement with Egypt and contractors on Monday.
Two agreements are scheduled to be signed in Cairo regarding the commercial development of natural gas reserves in the Cronos (Block 6) and Aphrodite (Block 12) fields.
The agreement will finalise plans for Cronos gas reserves to be partially supplied to the Egyptian market, with the remainder processed as LNG through Egyptian terminals for export to international markets.
The deal marks a step towards developing the Aphrodite field by the consortium of Chevron, Shell, and NewMed, paving the way for technical studies and investment decisions.
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