Government backs projects to lift Cyprus energy isolation

Nicosia reaffirmed its commitment to projects which will end Cyprus’ energy isolation and increase the island’s security of supply by connecting it to the rest of the European Union.

Speaking at the 7th Energy Symposium, President Nicos Anastasiades referred to Cyprus’ energy plans over the coming years.

While in 2020 Eni-Total test drills will continue and ExxonMobil is to conduct confirmatory drillings in block 10, Cyprus will go ahead with infrastructure works such as the construction of port facilities for the import of liquefied natural gas (LNG) for power generation purposes.

Anastasiades said the CyprusGas2EU Project aims to lift the energy isolation of the Republic of Cyprus and introduce natural gas into the country’s energy mix.

Cyprus is soon to see the construction of its first LNG terminal station after the government reached an agreement with a Chinese-led consortium for its operation from 2021.

The ‘EastMed Pipeline’ project has been set in motion to achieve Cyprus’ interconnection with European gas networks. It is an offshore gas pipeline linking Israel with Cyprus and Greece and aiming to connect Europe to new discoveries in the Eastern Mediterranean.

Another project to lift Cyprus’ energy isolation, the EuroAsia Interconnector is also being promoted.

The project will interconnect the grids of Israel, Cyprus and Greece via a submarine power cable. During its first stage, the project will have a capacity of 1000 megawatts (MW) and is start operation by early 2024.

It is essentially an interconnecting electricity highway between Asia and Europe, said the President.

The CyprusGas2EU project has received funding of Euros 101 mln, the EastMed Pipeline has received Euros 36.4 mln and the Cyprus, Crete and Israel electricity interconnection Euros 15.8 mln with the prospect of being financed by European investment banks.

Source: The Financial Mirror