Filenews 4 November 2022
The Ministry of Energy is in intensive consultations with the licensed consortium, so that the production of natural gas from "Aphrodite" can be achieved in 2027 and the interests of the Republic of Cyprus can be safeguarded, as mentioned by the Minister of Energy, Commerce and Industry Natasa Pilides during the presentation of her Ministry's budget before the Finance Committee.
Ms. Pilides said that with Israel all parameters have been agreed regarding the "Isai" deposit adjacent to "Aphrodite" and for which there were differences. She expressed the hope that there would be a response from the Israeli side very soon and said that there would be a discussion about this during the President's visit to Israel on the 9th. She also expressed the hope that Israel's position would not change after the elections in the country.
Regarding "Aphrodite", she said that there are already some indications about the development plan of the licensee, but the Republic of Cyprus wants to be careful in what it approves and huge efforts are being made every week to safeguard the interests of the Republic of Cyprus. The plan, she said, concerns the interconnection of the infrastructure of the Cyprus block with the existing infrastructure and pipelines, to ensure that the prices and arrangements that will be made will be good and that Cyprus can be served as well.
Ms. Pilides also said that it is very important to have a dialogue with the European Commissioner for Energy to examine whether there is room for acceleration of the energy program and the creation of common infrastructure by companies so that Cyprus can also supply the EU.
The Minister said that a lot of effort and large investments are needed from the companies operating in the EEZ of Cyprus, which need stability and long-term contracts. She noted that the Commissioner assured companies that they can enter into contracts until 2049 with European countries, which helps the sustainability of investments.
She also noted that the construction of infrastructure should be promoted as quickly as possible and said it is important to find customers as well. She described 2027 as a realistic scenario for the start of production by "Venus".She noted that the opportunity to procure for the EU exists for the coming years, but surely this must be done by 2030 otherwise the opportunity is lost.
Regarding the establishment of a natural gas station in Cyprus, Ms. Pilides said that this would lead to an increase in the environmental footprint of the region and would have an impact on the European Emissions Trading System, leading to greater costs, which could be a deterrent for the Republic.
