The East Mediterranean Gas Forum (EMGF) in Athens, organised by HELLENiQ ENERGY, the parent company of EKO Cyprus, produced several significant developments.
First, the first Cypriot natural gas could eventually reach as far as Ukraine.
As Politis reported on Wednesday, the first shipment of natural gas from Cyprus’ fields destined for liquefaction in Egypt would subsequently be transported by ship and introduced into the Greek system, allowing it to enter the Vertical Corridor.
According to information from ANA-MPA, the plan was discussed by the energy ministers of Greece, Cyprus and Egypt on the sidelines of the EMGF conference in Athens.
Gas extraction from the Cronos field is expected to begin in 2028. From Cronos, the gas would be transported through Zohr to the liquefied natural gas facility in Damietta, Egypt, before being shipped onwards.
Second, Greek sources said the issuance of a NAVTEX for the resumption of seabed surveys related to the Great Sea Interconnector (GSI) is expected within the next few days.
The information confirms earlier reporting by Politis that Turkey will be informed in advance, but its permission will not be sought.
Time is pressing for the Greek side, as according to Moneyreview.gr, the immediate resumption of surveys is a key condition set by French investment fund Meridiam before it finalises its entry into the project.
Under its agreement with ADMIE, Meridiam is expected to acquire a 66% majority stake in the project.
Political developments in France are also playing a decisive role in accelerating the process.
According to the report, Emmanuel Macron’s team wants outstanding issues surrounding the project resolved, particularly as two major French companies are now involved.
Meridiam is expected to become the principal strategic investor, while Nexans has undertaken the construction and laying of the cable under a contract worth €1.43 billion.
Greek Energy Minister Stavros Papastavrou and Cypriot Energy Minister Michalis Damianos discussed the issue on Wednesday on the sidelines of the East Mediterranean Gas Forum organised by HELLENiQ ENERGY.
Christodoulides highlights GSI at MED9
While developments surrounding the project were unfolding in Athens, President Nikos Christodoulides raised the Greece-Cyprus electricity interconnection further north at the MED9 Summit in Split, Croatia.
MED9 brings together the nine EU member states bordering the Mediterranean.
According to a written statement by Victor Papadopoulos, director of the President’s Press Office, Christodoulides “stressed the enormous importance of this project, which is of the utmost interest to Europe”.
The president highlighted the GSI’s benefits for the EU’s energy security and energy adequacy, as well as its importance within the broader framework of the India-Middle East-Europe Economic Corridor (IMEC).
