Egypt in talks to import Cypriot natural gas

Egypt is speeding up talks with neighboring Cyprus to import natural gas for its domestic use and for possible re-export to other countries, the Egyptian petroleum minister said Tuesday.

Sherif Ismail said gas can be piped directly to Egypt from the field off Cyprus' southern coast that is estimated to hold 3.6 trillion to 6 trillion cubic feet of the fossil fuel.

"We can accommodate whatever gas we receive in both local market consumption and (liquefied natural gas) exports," Ismail said after meeting Cypriot Energy Minister Giorgos Lakkotrypis.

Ismail said Egypt has a shortfall of about 700 million cubic feet of gas. A preliminary study into the possible Cyprus-Egypt gas link should wrap up by the end of January, he said.