There is no updated proposal from Israel for the supply of natural gas, according to Cyprus’ Minister of Energy, Commerce, and Industry, George Papanastasiou, in response to recent reports.

Papanastasiou emphasized that the completion of the Vasilikos gas import and regasification terminal remains "the fastest and most realistic proposal for importing natural gas to Cyprus."

Yesterday, S&P Global, citing Israeli media reports, stated that Israel is in talks with Cyprus regarding a "potential cooperation" in the energy sector.

"We have no updated proposal, but if Israel submits a concrete and well-documented Government-to-Government proposal, it must include the selling price of natural gas at the connection point for Cyprus’ power generators (EAC & PEC)," said Papanastasiou.

He also stressed that there is no time for reviewing new proposals at this stage, but any future offers will be carefully considered.

The Minister reiterated that the import of natural gas is crucial for reducing electricity prices in Cyprus and must be expedited.

"The state-owned Natural Gas Public Company (ETYFA) is moving forward with the completion of the Vasilikos terminal, which remains the fastest and most realistic solution for importing natural gas to Cyprus," Papanastasiou noted. Cyprus is a very small market, consuming approximately 0.6 billion cubic meters (BCM) of gas per year, and demand is expected to decline further with the rise of renewable energy production and electricity storage.