Petroleum Minister Tarek al Mulla and Cypriot Minister of Energy, Commerce, Industry and Tourism Yiorgios Lakkotrypis have signed in Nicosia an agreement on transferring natural gas via under-sea pipeline from Cyprus to Egypt.

The transferred natural gas will be used for local consumption and re-export, according to a joint press statement, a copy of which was released by the Cypriot Embassy here on Wednesday.

The move comes within the framework of several legal arrangements that will help increase sales of Cypriot natural gas to Egypt, added the statement.