Cyprus-US cooperation in energy, trade and investment is becoming increasingly strategic, said Energy, Commerce and Industry Minister Michael Damianos on Friday.
Addressing a working breakfast organised by the American Chamber of Commerce in Cyprus, Damianos said Cyprus’ natural gas prospects, developed with the involvement of major US companies, offer opportunities for economic growth, energy diversification and regional stability.
He referred specifically to Chevron’s concession over the Aphrodite gas field in Cyprus’ offshore Block 12. The minister argued that the planned commercialisation of Aphrodite through a floating production unit in Cyprus’ Exclusive Economic Zone and export by subsea pipeline to Egypt highlights the geopolitical and economic importance of cooperation with the United States.
Production from Aphrodite is expected in early 2030, following a final investment decision, he said, adding that the project could strengthen both regional stability and transatlantic energy ties.
Damianos also referred to ExxonMobil’s presence in Cyprus’ EEZ as another key pillar of the strategic partnership, following gas discoveries in the ‘Glaucus’ and ‘Pegasus’ gas fields, which were declared commercial discoveries on March 30, 2026.
Damianos noted that US companies such as SLB and Halliburton also support offshore operations in the Eastern Mediterranean, reinforcing Cyprus’ role as a regional energy services hub.
The minister will visit the US in June to take part in a meeting of Energy Ministers of the ‘3+1’ Partnership (Cyprus, Greece, Israel and the US) in Washington and attend the Atlantic Council’s Global Energy Forum on June 9 and 10.
Halloumi the flagship export
Beyond energy, Damianos said bilateral commercial ties are also deepening, noting that Cyprus’ domestic exports to the US doubled in 2025, from €24 million in 2024 to around €51 million. Halloumi remained Cyprus’ flagship export to the US, reaching €11 million in 2025, he added.
He also said US foreign direct investment stocks in Cyprus stood at €26.2 billion at the end of 2024, reflecting strong confidence by American investors in the Cypriot economy.
The minister said Cyprus is well positioned to serve as a strategic business and trade hub for US companies, as well as a location for regional headquarters, particularly in technology, telecommunications, professional services, maritime services and energy.
Referring to industrial policy, Damianos said €350 million has been allocated for the 2021-2027 programming period to support energy efficiency, digital transformation, competitiveness and the green transition.
Cyprus, he concluded, remains committed to responsible and transparent policies, adding that the partnership with the United States is instrumental for national development and regional and international energy security.
Source: CNA