A final investment agreement for the development of the “Cronos” natural gas field, involving Egypt and the ENI–TotalEnergies consortium, is expected to be concluded within 2025, with the aim to have the first natural gas production in 2027, Energy, Commerce, and Industry Minister George Papanastasiou has announced.
The minister made his remarks following a meeting at the Presidential Palace of President Nicos Christodoulides with Egypt’s Foreign Minister Badr Abdelatty (pictured above) and the country's Minister of Petroleum and Mineral Resources Karim Badawi, in the presence of Cyprus' Foreign Minister Constantinos Kombos.
Speaking after the 5 September meeting, Papanastasiou said that Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, had briefed them on the progress and technical-commercial agreements expected to be signed in the coming days between Egypt and the ENI–TotalEnergies consortium for the development of the Cronos gas field in Block 6 of Cyprus’s Exclusive Economic Zone.
“These agreements encompass the full supply chain, from the liquefaction of natural gas at Egypt’s Damietta terminal to international exports,” the Minister explained. “They are currently being finalised, and we expect the official signings in the next few days.”
He added that, along with the submission of the final Development and Production Plan for Cronos, the cooperation between the Republic of Cyprus and Egypt is entering a critical phase.
“The policy directions are clear, and we are moving in coordination with the involved companies with the aim of securing a Final Investment Decision by the end of 2025 and achieving first gas production in 2027,” he said, underscoring the project’s strategic importance. It will spearhead the creation of a new Eastern Mediterranean energy corridor, enhancing energy security in the region and within the European Union.
Energy as the cornerstone of Cyprus-Egypt cooperation
Egypt’s Minister Badawi expressed his appreciation for the warm welcome he received in Cyprus, emphasising the strategic partnership between Egypt and Cyprus.
He conveyed his deep respect to President Nicos Christodoulides and briefed him on the progress that is taking place in the strategic collaborative effort between the two countries for the development of the Cronos field.
Badawi noted that the partnership leverages Egypt’s Zohr field infrastructure and broader energy installations as a platform for exporting Cypriot gas to European markets. “We are immensely proud of this collaboration, which we are prioritising,” he added.
He announced that Egypt is in the process of finalising four key agreements with ENI and Total/Energies to accelerate the Final Investment Decision before the end of 2025. He said that they are all collectively committed to delivering the first Cypriot gas via Egyptian export terminals to European markets by 2027.
Badawi stressed the strategic nature of the project, which will elevate Cyprus as a significant natural gas exporter to Europe, and noted that the collaboration has the close attention of Egypt’s President Abdel Fattah al‑Sisi, reflecting its high-level importance.
He also remarked that he felt at home in Cyprus and conveyed the gratitude of the Egyptian people towards Cypriots.
Asked whether cooperation between the two countries would expand beyond the Cronos field, the Egyptian Minister responded that while today’s focus was on Cronos, it is unsurprising that they are also advancing discussions on developing the Aphrodite field via Egyptian facilities, with substantial progress reported.
He affirmed that energy sector cooperation with Cyprus is highly significant and perpetually expanding. Egypt remains committed to supporting Cyprus in fully unlocking and monetising its substantial energy reserves for the benefit of its people and European energy markets.
Minister Papanastasiou added that this partnership benefits from Cyprus’s gas discoveries and Egypt’s existing infrastructure. “In Cyprus’s EEZ, we have significant gas findings spread across the zone. Investors aim to maximise returns with minimal additional investment, so the synergy lies in leveraging Egypt’s ready infrastructure, particularly at the Zohr field,” he explained.
Energy cooperation between Egypt and Cyprus "continues to be a cornerstone of our partnership," Egypt's Foreign Minister, Badr Abdelatty, said on Friday after a meeting with Cyprus' Minister of Foreign Affairs, Constantinos Kombos, held in Nicosia.
"We are promoting the building of bridges of cooperation and maximising the use of natural resources in the Eastern Mediterranean and serving the prospective interests of all peoples of the region, based on respect of international law", he said.
He further referred to joint projects in the sectors of natural gas and renewable energy, while the two countries are also expanding their cooperation on electricity and connectivity. "We have to do more, and we are working together to develop the necessary infrastructure to transfer energy from the Eastern Mediterranean to Europe", he noted.
Cyprus' Minister of Foreign Affairs, on his part, made a special reference to the strategic partnership of the two countries, adding that the Egyptian Minister of Petroleum is also currently visiting Cyprus and having consultations with his counterpart, the Minister of Energy of Cyprus.
Labour agreement is a win-win situation, bilateral trade up 130%
The Minister of Foreign Affairs of Egypt, Badr Abdelatty, described a labour agreement between Egypt and Cyprus as a "role model of a win-win situation", during a press briefing on Friday, after his meeting with Cyprus' Foreign Minister, Constantinos Kombos.
The agreement concerns the employment of skilled labour from Egypt in Cyprus. Abdelatty said that there is need to do more in regards to the agreement. "This is a role model of a win-win situation", he said, adding that Egypt has skilled labour and can be "of great support" to Cyprus in areas such as construction, hospitality sector, and agriculture.
Bilateral trade up 130% in last four years
At the same time, Cyprus' Foreign Minister, Constantinos Kombos said that trade between the two countries has gone up in the last four years by around 130%, noting, however, that "this is not enough. There’s a lot more potential", he said, mentioning an action plan drafted by the two countries, in order to fully and speedy implement everything they agreed on.
The two Ministers reiterated that during last January's trilateral summit with Greece, Cyprus and Egypt had signed 11 MOUs, covering several sectors.
(Source: CNA)
