Cyprus, Egypt set to sign deal for offshore gas pipeline

NICOSIA, Cyprus — Egypt's oil minister says Europe stands to gain from an agreement his country will sign with the Mediterranean island nation of Cyprus to pipe offshore natural gas to processing plants in Egypt where it will be liquefied for export.

Oil Minister Tarek el-Molla said after talks Tuesday with Cypriot President Nicos Anastasiades that under the terms of the agreement, gas off Cyprus could also be used for Egypt's domestic needs.

Cyprus' Energy Minister Georgios Lakkotrypis called the agreement— to be signed Wednesday — a first of its kind for the region that could bolster Europe's energy security.

Lakkotrypis said it could act as an example for other neighboring countries to offer oil and gas companies the kind of security on their investment so they can proceed with projects worth billions.