President: Energy giants from Gulf Countries express interest in Cyprus’ EEZ

11:22 - 15 November 2024

Economy

President Nikos Christodoulides has revealed that energy giants from Gulf countries have expressed interest in participating in blocks of Cyprus’s Exclusive Economic Zone (EEZ).

He described this interest as a vote of confidence in the prospects of Cyprus’s EEZ, noting that there are also numerous political and diplomatic dimensions involved.

The President also mentioned that intensive efforts are underway to develop the “Aphrodite” gas field, with developments expected in January. He further noted that a development plan for the “Cronos” field is anticipated, for which he had a telephone conversation with ENI CEO Claudio Descalzi.

Progress on the Cyprus-Crete Electrical Interconnection

Regarding the Cyprus-Crete electrical interconnection, the President stated that by the end of the year, the Republic of Cyprus will make announcements about its participation in the project's equity. Consultations are ongoing with Greece, France, and the United Arab Emirates to advance the project.

These consultations, he added, aim to establish a joint company for the project’s participation. He also mentioned ongoing discussions with the United States, noting that during his recent meeting with the US President, interest was expressed by American investment funds to participate in this project.

Update on the Vasilikos LNG Terminal

Concerning the natural gas import terminal at Vasilikos, the President said the process of appointing a project manager by ETYFA is nearing completion, with the aim of resuming construction work as soon as possible. The arrival of the floating storage and regasification unit (FSRU) “Prometheus” is expected by the end of December.

The goal, he emphasised, is to complete the Vasilikos project by the end of 2025.

President: Energy giants from Gulf Countries express interest in Cyprus’ EEZ

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