The signing of contracts worth up to $1.8 billion for the development of the Cronos gas field, paving the way for the first commercial exploitation of Cypriot natural gas, marks a decisive step towards harnessing the country's natural resources, President Nikos Christodoulides said in a written statement, describing the development as a strong vote of confidence in Cyprus' energy prospects, with significant geopolitical and economic implications.
“This development marks a decisive step towards harnessing our country's natural resources,” President Christodoulides said.
He noted that the signing of contracts worth up to $1.8 billion for the development of the Cronos gas field and, by extension, the first commercial exploitation of Cypriot natural gas, represents “a strong vote of confidence in our country's energy prospects, with significant geopolitical and economic implications.”
At the same time, he said the development makes a decisive contribution to further strengthening the economy, giving the state greater scope to invest in policies that improve citizens' daily lives and quality of life.
“From the outset, our strategic objective has been to capitalise on our country's comparative advantages and strengthen all the pillars of the Republic of Cyprus' power,” he said.
President Christodoulides said the agreement was a tangible result of this strategy.
“We are building a Cyprus that is economically stronger, has an enhanced geopolitical standing and makes full use of its potential for the benefit of the country and its citizens,” he concluded.
