Minister of Energy and Infrastructure, Eli Cohen: “The delegation’s departure is an important step towards the development of the Aphrodite-Yishai field, following my meetings with the Cypriot Minister of Energy, Yiannis. Natural gas is a strategic asset of Israel, strengthening our position as a regional energy power, and we will continue to work to find and develop additional fields, which will increase natural gas production for the domestic market and for export, and will strengthen the Israeli economy.”
Continued efforts to advance the agreement for the development of the natural gas field jointly owned by Israel and Cyprus: A professional delegation from the Ministry of Energy and Infrastructure, in cooperation with representatives from the Ministry of Justice, will depart for Cyprus this evening, in order to continue negotiations for the implementation of the fundamental understandings regarding the Aphrodite-Yishai natural gas field, and to codify them in an intergovernmental agreement.
As part of these understandings, the development of the field will be carried out by the rights holders on the Cypriot side, while the holders of the Yishai concession and the State of Israel will receive compensation for their share in the field, which will be determined by an international expert.
The delegation’s departure constitutes a continuation of the diplomatic and professional contacts between the countries, and follows the meeting between the Minister of Energy and Infrastructure, Eli Cohen, and his Cypriot counterpart, Yiannis, which took place in jerusalem last month.
The agreement is important for strengthening the ties between the countries with a shared vision for the development of common natural resources. Reaching understandings is expected to strengthen energy cooperation between the countries and Israel‘s position in the regional arena, and may even contribute to the ability to export gas from Cyprus to Egypt. In addition, reaching an agreement is expected to allow progress on additional issues, such as the planned electricity cable between Israel and Cyprus.