Cyprus pivots on Aphrodite as it agrees to cover all pipeline costs

Cyprus has agreed to bank roll the USD 2 bn pipeline connecting its Aphrodite field to liquefaction facilities in Egypt, a government official tells EnterpriseAM. Cypriot negotiators had initially been pushing for a 50:50 split, but agreed to cover the costs in exchange for utilizing Egyptian infrastructure, including its regasification vessels and liquefaction plants.

Why this matters: With domestic production slumps proving hard to turn around, securing flows from Aphrodite’s estimated 3.5 tcf of reserves will be critical for Egypt to ensure that its energy export hub plans will one day see the light of day.

What’s next? Construction on the pipeline is expected to start in 2027 with gas flows planned to start flowing in 2030, our source tells us. And in the near term, keep your eyes peeled for this year’s Egypt Energy Show in late March, which is expected to be accompanied with some big announcements on our gas re-export ambitions with Cyprus.

Orascom Construction sees revenues and net income rise in 2025

Orascom Construction saw its net income rise 65.3% y-o-y to USD 195.0 in 2025, according to its latest preliminary unaudited results (pdf). This was supported by revenues climbing 55.4% y-o-y to USD 5.1 bn over the same period, driven by progress across major projects in Egypt, the UAE, Saudi Arabia, and the US, with MEA projects contributing 57% to the total.

The company’s backlog — excluding its share in Besix — was up 18.9% y-o-y to USD 9.0 bn, while new awards were up 86.6% to USD 5.6 bn. Projects over the pond in the states contributed the lion’s share with USD 3.5 bn on the back of data center projects, while new awards in the Middle East and Africa hit USD 2.1 bn and included power, renewable energy and commercial projects.

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