Speaking at the Economist Roundtable, Energy Minister Michael Damianos confirmed Cyprus aims to become a major energy exporter by 2028. Initial natural gas volumes will head to Egypt for liquefaction, supported by global giants and cross-border electricity interconnections.

Export Ambitions and Global Partnerships

Cyprus's ambition to become a reliable energy exporter through the development of its natural gas reserves was highlighted by the Minister of Energy, Commerce and Industry, Michael Damianos.

Speaking during the panel discussion titled "The Potential of Southeast Europe and the Eastern Mediterranean as Dynamic Energy Hubs" on the second day of the Economist's 30th Annual Government Roundtable, Damianos outlined the progress of exploration and development activities being carried out by major international energy companies, including Chevron, ExxonMobil, TotalEnergies and ENI, in Cyprus EEZ. He noted that the first exports of Cypriot natural gas are expected in the coming years through Egypt's liquefaction facilities, before being shipped to European markets.

The 2028 Timeline to Egypt

"We are preparing for 2028, when our natural gas will begin flowing to Egypt for liquefaction. We believe that in the coming years we will become an energy exporter based on our own reserves," the Minister of Energy said.

Electricity Interconnection and Solar Power

Damianos also highlighted the importance of the planned electricity interconnection with Greece and Israel, stressing that it will enable Cyprus to export electricity during daylight hours and make better use of its significant solar energy potential.

Geopolitical Cooperation Frameworks

He further referred to the role of the East Mediterranean Gas Forum and the "3+1" cooperation framework involving Cyprus, Greece, Israel and the United States as key mechanisms for advancing regional energy cooperation.

Source: CNA(ΚΥΠΕ)