ENI expressed a positive stance on the construction of a pipeline connecting Cyprus and Israel, according to George Papanastasiou, the Minister of Energy, Commerce, and Industry. After a meeting with President Nikos Christodoulides and ENI CEO Claudio Descalzi at the Presidential Palace on Tuesday, Papanastasiou stated that a development plan for Block 6 in the Cypriot EEZ would soon be forthcoming.

Papanastasiou described the meeting as highly productive, highlighting the discussions held with Descalzi and the ENI team regarding the prompt development of Block 6 and the surrounding area. He further indicated that the Government and ENI would engage in further discussions in the upcoming weeks to formulate a plan for developing the region's fields and explore options for gas transportation to Cyprus for power generation.

The Minister emphasized that the pipeline construction between Cyprus and Israel was also a topic of discussion. He noted that ENI expressed a positive view on the matter, provided that the gas quantities justified the development of infrastructure in Cyprus for liquefied natural gas (LNG) export purposes. He also mentioned two phases of development: phase 1 involving fast-track development and phase 2 involving slower development that focused on infrastructure creation—a phase of particular interest to Cyprus.

Papanastasiou revealed that ENI would propose a plan after consulting its partners at TOTAL, leading to further discussions aimed at expediting gas delivery to Cyprus for power generation. In conclusion, the Minister emphasized his commitment to taking the discussions to the next level and ensuring a timely gas supply.

Claudio Descalzi, ENI's CEO, characterized his meeting with President Christodoulides and the Minister of Energy as highly positive. They discussed current discoveries, ongoing efforts, and future plans, including ENI's obligation to drill an additional well in Block 6 of the Cypriot EEZ by year-end. Descalzi also mentioned the possibility of a development scheme.

When asked about ENI's support for the Cypriot government's recent proposal for an Israel-Cyprus pipeline, Descalzi stated that ENI consistently supports the government's initiatives through cooperation. However, he emphasized the importance of economic viability, suggesting that the economic value of the pipeline project would be part of the ongoing discussions.