Cyprus-US cooperation in energy, trade and investment is becoming increasingly strategic, Energy, Commerce and Industry Minister Michael Damianos said on Friday, addressing a working breakfast organised by the American Chamber of Commerce in Cyprus.
Damianos said Cyprus’ natural gas prospects, developed with the involvement of major US companies, offer opportunities for economic growth, energy diversification and regional stability.
He referred in particular to the “Aphrodite” gas field in Block 12 of Cyprus’ Exclusive Economic Zone, saying its planned commercialisation through a floating production unit in Cyprus’ EEZ and export by subsea pipeline to Egypt highlights the geopolitical and economic importance of cooperation with the United States.
Production from “Aphrodite” is expected in early 2030, following a final investment decision, he said, adding that the project could strengthen both regional stability and transatlantic energy ties.
The Minister also said ExxonMobil’s presence in Cyprus’ EEZ is another key pillar of the strategic partnership, following the discoveries of the “Glaucus” and “Pegasus” gas fields, which were declared commercial discoveries on March 30, 2026.
Damianos noted that US companies such as SLB and Halliburton also support offshore operations in the Eastern Mediterranean, reinforcing Cyprus’ role as a regional energy services hub.
He further said he will visit the United States in June to take part in a meeting of Energy Ministers of the 3+1 Partnership in Washington and attend the Atlantic Council’s Global Energy Forum on June 9 and 10.
Beyond energy, Damianos said bilateral commercial ties are also deepening, noting that Cyprus’ domestic exports to the United States doubled in 2025, from €24 million in 2024 to around €51 million. Halloumi remained Cyprus’ flagship export to the US, reaching €11 million in 2025, he added.
He also said US foreign direct investment stocks in Cyprus stood at €26.2 billion at the end of 2024, reflecting strong confidence by American investors in the Cypriot economy.
The Minister said Cyprus is well positioned to serve as a strategic business and trade hub for US companies, as well as a location for regional headquarters, particularly in technology, telecommunications, professional services, maritime services and energy.
Referring to industrial policy, Damianos said €350 million has been allocated for the 2021-2027 programming period to support energy efficiency, digital transformation, competitiveness and the green transition.
Cyprus, he concluded, remains committed to responsible and transparent policies, adding that the partnership with the United States is instrumental for national development and regional and international energy security.
(Source: CNA)
