Cyprus’s ambition to become a reliable energy exporter by developing its natural gas reserves was expressed by the Minister of Energy, Commerce and Industry, Michalis Damianos.

Speaking at the panel titled “The potential of Southeast Europe and the eastern Mediterranean as dynamic energy hubs” on the second day of the 30th Annual Government Roundtable organized by The Economist, Mr. Damianos presented the progress of research and development activities being carried out by major international energy companies, such as Chevron, ExxonMobil, TotalEnergies, and ENI, noting that the first exports of Cypriot natural gas are expected in the coming years via Egypt’s liquefaction facilities and subsequently to European markets.

“We are preparing for 2028, when our natural gas will be shipped to Egypt for liquefaction. We believe that in the coming years we will be exporting energy from our own reserves,” said the Minister of Energy.

At the same time, he made special mention of the electricity interconnection with Greece and Israel, emphasizing that this will help Cyprus export electricity during the day and harness its solar potential.

Mr. Damianos referred to the role of the East Mediterranean Gas Forum and the “3+1” cooperation between Cyprus, Greece, Israel, and the United States as important mechanisms for promoting regional energy cooperation.

For his part, Greece’s Minister of Energy, Stavros Papastavrou, emphasized that initiatives such as the “3+1” framework, the East Med Gas Forum, and the Vertical Corridor are reshaping the landscape and the energy architecture of the region.

“The southeastern Mediterranean is becoming a hub of stability, and we are working together to create platforms for mutually beneficial cooperation, based on international rules, and we are not excluding any country. What is excluded is radical behavior—those who think in terms of a zero-sum game. We want prosperity in the region. Greece plays an important role in this new energy architecture that we are promoting. Energy can serve as a bridge for the region,” he noted.

He also made special mention of the importance of the Vertical Corridor, saying that natural gas from Cyprus and Israel, which will go to Egypt and, via the Vertical Corridor, will reach Eastern and Central Europe. “The Vertical Corridor is a project that is transforming the way we work together. Energy is once again the driving force behind transatlantic cooperation,” added the Greek minister.

Speaking at the panel, Bulgaria’s Minister of Energy, Iva Petrova, described the Vertical Corridor as being of great value to Europe and referred to her country’s aspirations to further develop into an energy transit country, as well as to its strong position in electricity storage.

For his part, Moldova’s Minister of Energy, Dorin Junghietu, stated that “no country can achieve energy independence or become a hub without cross-border interconnections, whether for gas or electricity.”

The Secretary-General of the East Med Gas Forum, Osama Mobarez, argued that we need more projects and greater interconnectivity.

Source: CNA