Cyprus’ Floating Storage and Regasification Unit (FSRU), named “Prometheus,” is set to depart from Shanghai in early December, announced the Minister of Energy, Commerce, and Industry, George Papanastasiou. The Minister explained that the journey will take between 20-45 days depending on the final destination, which is currently under review. The selected destination aims to certify and prepare the FSRU for operation, preventing it from remaining idle until the Vasiliko liquefied natural gas (LNG) terminal facilities are completed.

Addressing the General Assembly of the Nicosia Chamber of Commerce and Industry on Wednesday, Minister Papanastasiou outlined the Government’s priorities in the electricity sector, which focus on three main pillars:

The first pillar emphasizes the timely import of natural gas. According to the Minister, this goal will be achieved with the arrival of LNG and the completion of infrastructure at the Vasiliko terminal, which includes the floating unit "Prometheus."

The second priority centers on increasing the role of Renewable Energy Sources (RES) in the energy mix and launching a competitive electricity market. The Minister announced a trial period for the electricity market, set to start early this year and lasting six months, with full implementation expected by July 2025.

The third pillar aims to end Cyprus' energy isolation through electrical interconnections, enhancing energy security and supporting increased RES adoption.

In his speech, the Minister also highlighted the Government’s strategy to create a unique "Cyprus Made" branding to distinguish Cyprus’ products and services in competitive international markets. This initiative, he noted, will be promoted by the Ministry of Commerce in collaboration with the Cyprus Chamber of Commerce and Industry and other local chambers.

To enhance Cyprus’ global image, he explained that upcoming international trade missions would focus on promoting specific products and services under this new branding.

The Minister also emphasized the success of Cyprus’ recent export growth. Since 2018, exports of Cypriot products and services have seen a notable rise. In 2023, services exports reached €22.3 billion, up from €12.5 billion in 2018. Exports of domestic products increased by 42% in 2023 compared to the previous year, rising from €1.7 billion to €2.4 billion.

Minister Papanastasiou noted that this upward trend continues in 2024, with domestic exports rising by 4% from January to July, reaching €1.22 billion compared to €1.18 billion during the same period last year.

The Minister also highlighted the Government's commitment to fostering entrepreneurship through targeted grant schemes and other initiatives. He shared that the Ministry of Energy, Commerce, and Industry has allocated €363 million for this purpose.

Of this budget, €226 million comes from the Cohesion Policy Programme “THALIA” for 2021-2027, while the remaining €137 million is funded through the Recovery and Resilience Facility and the REPowerEU Plan.

Minister Papanastasiou concluded by reaffirming the Government’s support for Cyprus’ economic growth through enhanced energy security, increased exports, and strengthened brand identity on the international stage.