Athens:Cyprus' Energy Minister, Michael Damianos, emphasized the importance of utilizing existing energy infrastructure and enhancing cooperation among countries, energy companies, infrastructure operators, and investors. This was during his participation in a conference organized by the East Mediterranean Gas Forum (EMGF) and HELLENiQ ENERGY in Athens.
According to Cyprus News Agency, Damianos held bilateral meetings with Greek Minister of Environment and Energy Stavros Papastavrou and Egyptian Minister of Petroleum and Mineral Resources Karim Badawi on the sidelines of the conference. These meetings were followed by a trilateral discussion among the ministers from Cyprus, Greece, and Egypt. They discussed strengthening energy cooperation and the potential to harness the region's energy resources effectively.
An official statement highlighted the importance of close coordination among Cyprus, Greece, and Egypt in advancing projects that enhance energy connectivity and ensure a secure supply for the Eastern Mediterranean and Europe.
During the conference, Damianos participated in a discussion titled 'Strategic Voices Shaping the Eastern Mediterranean Energy Corridor.' He underscored the need for a cohesive regional energy system in the Eastern Mediterranean to facilitate the efficient and economically viable delivery of the region's energy resources to international markets, particularly Europe.
Damianos also addressed recent developments in Cyprus' natural gas fields, focusing on the 'Cronos' and 'Aphrodite' fields. He highlighted the strategic importance of Cyprus-Egypt cooperation in utilizing Egypt's infrastructure for transporting and processing Cyprus' natural gas.
The development of the Eastern Mediterranean's energy resources, Damianos noted, requires a regional approach. Optimal use of existing infrastructure, along with necessary new infrastructure and interconnections, can reduce costs, speed up project implementation, diversify energy sources, and improve Europe's energy security.
He also mentioned the potential of the Republic of Cyprus' Exclusive Economic Zone (EEZ) for further exploration and development, citing the 'Glafkos' and 'Pegasus' fields in Block 10.
Damianos concluded by emphasizing that the Eastern Mediterranean energy corridor holds long-term strategic potential beyond natural gas.