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Cyprus expects to begin exporting energy from its own natural gas reserves within the next few years, with the first shipments of gas planned through Egypt's liquefied natural gas facilities from 2028 onwards, Energy Minister Michalis Damianos has said.
Speaking during a discussion on the future of energy in Southeast Europe and the Eastern Mediterranean at the 30th Annual Government Roundtable organised by The Economist, Damianos said development of Cyprus' offshore gas resources is progressing through the work of international energy companies including Chevron, ExxonMobil, TotalEnergies and ENI.
"We are preparing for 2028, when our natural gas will be transported to Egypt for liquefaction. We believe that in the coming years we will be exporters of energy from our own reserves," he said.
The minister also pointed to plans for an electricity interconnection linking Cyprus with Greece and Israel, saying the project would allow the island to export electricity during daylight hours while making better use of its solar generation capacity.
Damianos described the East Mediterranean Gas Forum and the 3+1 partnership between Cyprus, Greece, Israel and the United States as important platforms for regional energy cooperation.
Greek Energy Minister Stavros Papastavrou said cooperation initiatives including the 3+1 format, the East Mediterranean Gas Forum and the Vertical Corridor are reshaping the region's energy network.
"The Eastern Mediterranean is becoming a centre of stability and we are working together, creating platforms for mutually beneficial cooperation based on international rules, and excluding no country. Those who are excluded are the radical behaviours and those who think with a zero-sum mentality. We want prosperity in the region. Greece plays an important role in this new energy architecture that we are promoting. Energy can be a bridge for the region," he said.
Papastavrou added that the Vertical Corridor would enable natural gas from Cyprus and Israel to reach Eastern and Central Europe after being processed in Egypt.
"The Vertical Corridor is a project that is transforming the way we cooperate. Energy is once again the reason for transatlantic cooperation," he said.
Bulgarian Energy Minister Iva Petrova described the Vertical Corridor as an important project for Europe and said Bulgaria intends to strengthen its position as an energy transit country while building on its capabilities in electricity storage.
Moldovan Energy Minister Dorin Junghietu said cross-border infrastructure remains essential for countries seeking energy independence or a role as regional energy hubs.
"No country can have energy independence or become a hub without cross-border interconnections, whether for gas or electricity," he said.
East Mediterranean Gas Forum Secretary General Osama Mobarez called for additional energy projects and stronger regional interconnection to support future cooperation.
