Nicosia: Cyprus and Italian energy giant ENI are on the brink of making a final investment decision regarding the 'Cronos' natural gas field located in Cyprus' Exclusive Economic Zone (EEZ). ENI projects that gas exports to Egypt could commence by the end of 2027 or early 2028, contingent on resolving remaining outstanding issues promptly.
According to Cyprus News Agency, ENI Chief Operating Officer Guido Brusco, after meeting with Cyprus President Nikos Christodoulides in Nicosia, described the discussions as 'very constructive'. He indicated that the project is nearing the final stage for an investment decision. ENI, Cyprus, and the Minister of Energy have established a clear schedule targeting a swift conclusion of the process.
Brusco emphasized that while ENI is known for rapid development, cooperation is necessary, highlighting that some documents still require finalization before a definitive investment decision can be made. He acknowledged that they are in the final stages, with a few elements left to address, aiming to close these soon.
President Christodoulides, during the meeting at the Presidential Palace, underscored the importance of concluding all outstanding issues by March 30. He noted the significance of the Cronos project for Cyprus, Egypt, and Europe, and mentioned prior discussions with Egypt's Minister of Energy. The President also shared that Egyptian President Abdel Fattah el-Sisi had invited him to an energy forum in Cairo, with European Commission participation expected, emphasizing European interest in the project.
Brusco expressed gratitude to the President for his warm reception and reiterated ENI's long-term commitment to Cyprus, noting a $1.2 billion investment during the exploration phase. He acknowledged the delays in the project, which were initially scheduled to conclude by November 30, and stated that they are now working against the clock to finalize the remaining issues, including gas sales agreements and development plans.
Energy Minister Michael Damianos also expressed satisfaction with the progress, confirming that the project is advancing in line with the agreed timelines, with a key milestone set for the end of March. He noted Egypt's willingness to waive the 20% clause regarding the utilization of the Cronos field for the Egyptian market.
Damianos emphasized the importance of meeting the March 30 deadline for the first investment decision, with subsequent stages projected toward the end of 2027. He clarified that Egypt's flexible stance on the 20% clause does not constitute a decision but is indicative of potential collaboration.