Fact: The Great Sea Interconnector project, a subsea electricity cable linking Cyprus to Greece, is estimated to save an average household consuming five megawatt-hours of electricity annually at least €400 a year.
President Nikos Christodoulides reiterated that the government’s sole goal is the liberation and reunification of Cyprus based on UN resolutions.
Energy Minister George Papanastasiou stated that there is progress in the construction of the liquefied natural gas (LNG) terminal in Vasiliko, with consultations ongoing between Cyprus’ natural gas infrastructure company and the Chinese state-owned company CPP Metron. The terminal is crucial for importing LNG to reduce electricity costs in the Republic of Cyprus. President Nikos Christodoulides denied discussions of a “velvet divorce” with CPP over the terminal, emphasizing that efforts are continuing.
There are ongoing efforts to find a solution for the Vasiliko liquefied natural gas (LNG) terminal project, with no discussions of a “velvet divorce” with Chinese state-owned company CPP.
Cabinet has given the Insolvency Department the power to take on the duties of the asset management service in order to better handle money laundering cases.
Presidents of the Republic have historically acted as mediators in disputes, trying to find compromises and solutions. However, recent instances where the president intervened in disputes involving big companies from abroad, such as Kition Ocean Holdings and Chevron, did not yield positive results. This has raised questions about the president’s role in such matters and whether ministers should be left to handle them instead.
The consortium constructing the natural gas terminal at Vasiliko accused Etyfa of not taking delivery of the vessel “Prometheas” despite it being ready since mid-January 2024.
Cyprus has given Chevron-led consortium six months to make improvements to their plans for extracting gas from an offshore field. The consortium, which includes partners from Israel and Shell, had submitted a new field development proposal that Cyprus believes needs enhancements. The Aphrodite field, discovered in 2011, holds an estimated 3.5 trillion cubic feet of gas. Chevron values its relationship with Cyprus and stakeholders and is committed to progressing the project.
Cyprus has seen a significant increase in its share of renewable energy sources compared to other EU member states.
Energy Minister George Papanastasiou is currently in Abu Dhabi to participate in the 14th Session of the Assembly of the International Renewable Energy Agency (IRENA) from April 16 to 18, 2024.