President Nikos Christodoulides has described the signing of contracts for the development of the Cronos natural gas field as a strong vote of confidence in the energy prospects of the Republic of Cyprus and a major milestone in the commercialisation of the country's offshore gas resources.
In a statement issued on Monday, Christodoulides said agreements worth up to $1.8 billion pave the way for the first commercial exploitation of Cypriot natural gas and represent a development of both economic and geopolitical significance.
Contracts worth up to $1.8bn
According to the president, the signing of the agreements with ENI marks a decisive step in the utilisation of Cyprus' natural resources and demonstrates confidence in the country's long-term energy strategy.
He said the investment is expected to strengthen the Cypriot economy and generate additional opportunities for public investment in policies aimed at improving citizens' quality of life.
"A tangible result of our strategy"
Christodoulides said his administration had prioritised from the outset the effective use of Cyprus' comparative advantages and the strengthening of all elements of the Republic's national power.
"Today's agreement is a tangible result of this strategy."
He added that the government's objective remains the construction of a Cyprus that is both economically stronger and geopolitically more influential.
Energy and geopolitics
The president argued that the development of the Cronos field forms part of a broader national effort to maximise the country's potential and convert its natural resources into long-term benefits for society.
"We are building a Cyprus that is economically stronger, geopolitically upgraded and capable of utilising all of its opportunities for the benefit of the country and its citizens."
The agreements are expected to advance the development of the Cronos discovery and move Cyprus closer to becoming a natural gas producer and exporter.
