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It is a great pleasure to
address the opening of the Eastern Mediterranean Gas Forum (EMGF) Energy
Transition Conference, organised by the Ministry of Energy, Commerce and
Industry, the Cyprus Hydrocarbons Company and the EMGF Secretariat in the
framework of the EMGF Presidency, proudly held by the Republic of Cyprus for
2022.
From the outset, I would like
to extend a warm welcome to all delegates who visited Cyprus from abroad, and
especially the EU Commissioner for Energy, Ms Kadri Simson, and the Energy
Ministers of Egypt, Greece and Jordan and representatives of Italy, France,
Israel.
Your presence validates once
more our excellent collaboration, as well as our collective efforts to
further strengthen our co-operation in energy related matters, both as a
means of achieving lasting stability and peace in our volatile region and in
enhancing Europe’s energy security through alternative energy routes.
Committed to developing a
sustainable regional gas market, whilst minimising the technical, financial
and political risks involved, EMGF has proved highly successful not only in
bringing countries of our region together, but also a range of different stakeholders,
from gas producers and investors, to traders and financing entities.
Established on the fundamental
principle of full respect to the sovereign rights of independent states to
exploit their natural resources in accordance with international law, the
Forum has managed to foster cooperation through structured and systematic
dialogue on natural gas issues, including on the path to green transition.
On the agenda of today’s
conference is an overview of EMGF activities and in particular the progress
of the work prioritised by Cyprus’ Presidency, including the East
Mediterranean Natural Gas Decarbonisation Initiative, as well as the outcomes
of a study on the Role of East Med in the EU’s Energy Security, particularly
during the challenging times we are all facing.
The latter is a specialised
study supported by the European Union, examining the East Med’s potential
contribution to the EU’s efforts to diversify energy sources and routes.
This may be achieved by
transferring East Med natural gas, either as LNG or through pipelines,
hydrogen that will be produced in the region in the medium and long term, and
clean energy from Renewables exported to Europe via electrical
interconnections.
And it goes without saying that
the Eastern Mediterranean can assume a key role to this end.
Last June we witnessed in
Cairo the signature of the trilateral Memorandum of Understanding between the
EU, Egypt and Israel for the export of natural gas to the EU.
A development which constitutes
another tangible step towards enhancing EU energy cooperation with the
countries of Eastern Mediterranean, as well as a new positive development in
enhancing energy planning between the countries of the region.
And I wish to reiterate that
Cyprus, due to its strategic location and its excellent relations and
long-standing partnerships in the field of energy with neighbouring
countries, at a bilateral, regional and multilateral level, stands ready to
make its own contribution and be an active part of the energy solutions that
our region has to offer.
A role which we have already
assumed through the start of the construction phase of the “EuroAsia”
interconnector between Cyprus, Greece and Israel – the inauguration ceremony
of which will be held later on today-, as well as the preparations underway
for also launching the “EuroAfrica” interconnector which will connect
Cyprus-Greece- Egypt.
According to current status and
planning, it is estimated that by the end of 2027, once the first
interconnection is in place, Cyprus will have an excess of renewable energy
that could be exported or exchanged, in addition to the quantities that could
be available from Egypt, Israel, and Greece.
Consequently, Cyprus can become
a net exporter of electricity at capacities that could range from
120 Gigawatt hours in 2027, up to 1000 in 2030, and exceeding 1800
in 2033.
Further to the above-mentioned,
we also stand ready to examine possibilities and proposals of connecting
various natural gas fields in Cyprus – Israel – Egypt -during the next days
Lebanon- with either existing or new infrastructure, through which gas can be
exported to Europe.
As regards the East
Mediterranean Natural Gas Decarbonisation Initiative, the final results of
which will be presented during COP27 in Egypt next month, the focus has been
to develop an action plan to reduce emissions across the value chain of the
EMGF member countries’ gas industry, in order to support transition to low
carbon-intensive gas resources.
In addition, the EMGF is ready
to make recommendations on the policies needed to align efforts to mobilise
financing, develop capacities and deploy technologies for decarbonisation of
the East Mediterranean gas.
Recognizing the vast resource
prospects, opportunities and challenges, it is clear that the full energy
potential of the Eastern Mediterranean can only be unlocked if suppliers,
buyers and transit countries in the region cooperate on developing numerous
infrastructure projects for gas, hydrogen and renewable energy trade within
the region and with external markets.
The fact that almost all of the
Members of the Gas Industry Advisory Committee of the EMGF are active in
exploration and exploitation of energy resources in the East Med, effectively
means that a platform for discussion is already available in order to define
the synergies for best exploiting them.
At the same time, it should
also be once more stressed that the significance of the EMGF goes beyond
energy cooperation; as an enabler of regional peace, economic growth and
prosperity in our turbulent region and beyond.
And I wish to yet again stress
that it is open to any country wishing to join us in this collective process,
provided it adheres with our shared values and principles in respecting
international law, including the UN Convention on the Law of the Sea.
Our motto is that energy should
act as a catalyst for peace and prosperity and not in creating tensions and
conflicts.
In closing, I wish to yet again
extend my deepest appreciation to the Member countries’ delegations and the
representatives of the companies in the Gas Industry Advisory committee, for
all the hard work you have been doing over the last years in order to achieve
the results that will be presented today.
In particular, I wish to thank
the Arab Republic of Egypt, represented today by Minister El Molla, for the
support they have provided during the establishment of the EMGF and for
generously allocating the necessary resources for its operation.
Once more, thank you all for
your participation in the EMGF Energy Transition Conference, the
deliberations of which I am certain will be both interesting and fruitful.
(RM/NG/IK)
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