The Electricity Authority of Cyprus (EAC) has formally requested to divest its 30% stake in the Natural Gas Infrastructure Company (ETYFA).

Energy Minister Giorgos Papanastasiou disclosed that EAC's decision to withdraw is motivated by its intention to reallocate funds previously invested in the gas company to finance another investment.

Papanastasiou further suggested that the redeployed funds might be earmarked for significant upgrades at the Dhekelia Power Station.

He emphasized that EAC's exit from the Natural Gas Infrastructure Company hinges on obtaining approval from the European Union.

Should the EU consent to this withdrawal, Papanastasiou remarked, the government is poised to take over EAC's shares in the company.

For these shares, EAC had initially invested a sum of 43 million euros.