Cooperation between Cyprus and Egypt in transporting, processing and commercially exploiting Cypriot natural gas through Egypt's existing infrastructure is of strategic importance, Energy, Commerce and Industry Minister Michalis Damianos told a conference in Athens. The conference was organised by the East Mediterranean Gas Forum (EMGF)and HELLENiQ ENERGY, and Mr Damianos used it to call for better use of existing energy infrastructure and stronger cooperation among states, companies, infrastructure operators and investors, CNA reports.
Bilateral and trilateral meetings
On the sidelines of the conference, Mr Damianos held separate bilateral meetings with Greece's Minister of Environment and Energy, Stavros Papastavrou, and Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi.
A trilateral meeting of the ministers of Cyprus, Greece and Egypt followed, during which they discussed ways to further strengthen energy cooperation and the prospects for making effective use of the region's energy potential.
According to an official announcement, the meetings confirmed the importance of close coordination among the three countries to advance projects and initiatives that can strengthen energy connectivity and security of supply in the Eastern Mediterranean and Europe.
Call for a coherent regional energy system
The Minister took part in a discussion between ministers and energy industry representatives entitled "Strategic Voices Shaping the Eastern Mediterranean Energy Corridor". He highlighted the need to develop a coherent regional energy system that would enable the region's energy resources to reach international markets, particularly the European market, in an effective and economically viable way.
Kronos, Aphrodite and the Egyptian route
Mr Damianos referred to recent developments concerning the Republic of Cyprus's natural gas fields, focusing in particular on Kronos and Aphrodite. He stressed the strategic importance of cooperation with Egypt in making use of its existing infrastructure and capabilities for Cypriot gas.
He said developing the Eastern Mediterranean's energy resources requires a broader regional approach and cannot be pursued in isolation. In his view, making optimal use of existing infrastructure, together with targeted new infrastructure and interconnections where needed, can reduce costs, speed up project implementation, help diversify supply sources and strengthen Europe's energy security.
Exploration prospects in the EEZ
Referring to the Republic of Cyprus's Exclusive Economic Zone, the Minister said it continued to have significant potential for further exploration and development. He also briefed participants on the discoveries of the Glafkos and Pegasus fields in Block 10.
Mr Damianos concluded that the Eastern Mediterranean energy corridor has long-term strategic prospects that extend beyond natural gas.
Source: CNA
