Egypt and Eni-Total consortium to sign deal on processing Cypriot natural gas for export - ASSOCIATED PRESS

January 24, 2025
MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — Egypt and a consortium made up of energy companies Total of France and Italy’s Eni will next month sign a key agreement to transport natural gas from an undersea deposit inside Cypriot waters to Egypt where it will be liquefied and processed for export, officials said Friday.

Cypriot Energy Minister George Papanastasiou described the agreement as “most significant” because it allows the consortium to sort out all the technical details on how to get the gas from the Cronos gas deposit to Egyptian processing plants for liquefaction and eventual export to markets including Europe.

Papanastasiou said the Eni-Total consortium, which holds exploratory licenses for seven of 13 areas or blocks inside Cyprus’ offshore economic zone, will make a final decision on how it will extract and convey the gas before the summer this year.

A recent assessment indicates that Cronos is estimated to hold more than the Aphrodite deposit, the first major discovery inside Cypriot waters which is estimated to contain 4.2 trillion cubic feet of gas.

The so-called host-government agreement will be signed at Egypt’s energy summit that will be held between Feb. 17-19, said Egyptian Oil Minister Kadim Badawi, who met earlier with Cypriot President Nikos Christodoulides.

Cyprus needs energy transformation in 2025 - CYPRUS MAIL

Sunday 22 December | 16:41

Dr Charles Ellinas

Energy was constantly in the news in 2024, but serious progress was limited.

By far the biggest success was the ‘Photovoltaics (PV) for All’ scheme. With the failure of utility-scale renewables (RES) projects to contribute constructively to Cyprus’ energy mix so far, ‘Photovoltaics for All’ has enormous potential to increase RES penetration and significantly reduce the cost of electricity to those that participate, as well as reduce emissions into the atmosphere. This scheme will continue and household demand to participate in the scheme will increase in 2025.

But where Cyprus really needs to see progress is in the perennial problem of high electricity prices. These remain some of the highest in Europe.

Based on purchasing power parity, in 2024 Cyprus had the second highest household electricity price in Europe, largely due to taxation. Tax accounted for just under 35 per cent of the price, the fourth highest in Europe and well above the corresponding EU average, of about 23 per cent. In Greece this percentage was only around 15 per cent. Bringing taxes and levies down to Greece’s level, could slash electricity prices from 33 cents/kWh to 25 cents/kWh.

LNG terminal construction delayed until July 2024 - FINANCIAL MIRROR

12 AUGUST 2023
Kyriacos Kiliaris

The construction of the liquified natural gas terminal at Vasiliko, Limassol, has been pushed back until the end of July 2024, confirmed Energy Minister George Papanastasiou.

However, the minister argued that the development is a positive milestone for the project, as it offers a clear and definite timeframe for the first time.

In a telephone interview with the Financial Mirror, Energy Minister George Papanastasiou confirmed the Chinese-led consortium awarded the contract for the LNG terminal has unofficially filed a new timetable, promising to deliver the project by July 2024.

China Petroleum Pipeline Engineering Co (CPC) presented its latest work timetable to Cypriot officials three weeks ago.

It is the fourth time the Chinese-led consortium has pushed back the construction date. Initially, there were hopes of it being ready by early 2022.

It was back in December 2019 when Cyprus signed the contract with the consortium.

First FSRU for Cyprus Begins Commissioning at Cosco Shipyard - THE MARITIME EXECUTIVE

MAR 6, 2023 7:03

The commissioning phase of the first FSRU being converted in Shanghai for Cyprus has begun. The vessel completed its second dry docking on March 4 at the Cosco Shipping Heavy Industry yard and is now preparing for trials before departing for the Mediterranean this year. The project, which has been delayed by several complications, calls for the FSRU to operate in Cyprus till 2044.

The project which is expected to cost approximately €315 million when it is completed is being called the biggest ever project in the history of Cyprus and will create the island’s first LNG facility. The 72,780 dwt LNG carrier built in 2002 as the Gria will be permanently docked less than a mile off the coast of Limassol, Cyprus in Vasilikos Bay. The project plans to directly connect the vessel to the Vasilikos power station.

The European Bank for Reconstruction and Development, which provided $95 million of funding to acquire the vessel for conversion, calls this project critical to Cyprus’ energy security and will help to meet the island’s environmental goals. The FSRU will replace heavy fuel oil used at the power plant. It is estimated that 90 percent of the island’s power supply comes from heavy fuel.