By the end of 2025, the infrastructure in Vasilikos should be ready and simultaneously the floating natural gas unit “ETYFA-Prometheus” should be at the dock ready for use, said on Tuesday Minister of Energy, Commerce and Industry, George Papanastasiou.

He also noted that a response is expected from the Greek Minister of Environment and Energy, Theodoros Skylakakis, regarding Cyprus’s participation in the share capital of the Great Sea Interconnector (GSI).

Regarding “Cronos” gas field expected to bring the first Cypriot natural gas to the surface, the Minister of Energy stated that the managing company is in consultation with the Egyptian authorities and with the Ministry of Energy of the Republic of Cyprus to reach a commercial arrangement.

Papanastasiou was replying to journalists’ questions on the sidelines of the event for the start of the Third Trial Operating Period of the Competitive Electricity Market organised by the Cyprus Transmission System Operator (TSOC).

Responding to a question about the current location of the floating natural gas unit “ETYFA-Prometheus,” Papanastasiou stated that the unit departed from Shanghai on December 14 and arrived in Singapore on December 21, where technicians from a specific organisation specialising in floating liquefied natural gas regasification units boarded.

He added that together with the technicians, the ship is currently in the Strait of Malacca adding that “it will remain there until all investigations are completed, until the assessment of what additional work needs to be done on the ship is completed, so that it can be considered a floating regasification unit.”

He also indicated that, in addition to the devices on such a floating unit, the ship should additionally be used at a terminal to confirm whether the ship’s design aligns with what actually exists in practice so that it can operate until the infrastructure in Vasilikos is ready.

The Minister of Energy noted that the latter is important, not for economic reasons, but more so to prevent the floating natural gas unit “ETYFA-Prometheus” from becoming idle because, as he explained, “such ships, when they remain for a long period at anchor in a marine-oxidizing environment, will require a lot of maintenance, but at the same time, when the time comes for us to use it, it will present additional problems.”

Asked about the timeline for the completion of the projects in Vasilikos, Papanastasiou replied that “the goal of the Natural Gas Infrastructure Company (ETYFA) and the Ministry of Energy is by the end of 2025 – it is an optimistic goal, we acknowledge that – but all parties must understand that natural gas is very important for Cyprus.”

He noted that in this context, the infrastructure at Vasilikos should be ready by the end of 2025, and simultaneously, the ship should be at the dock ready for use. “However, the import of natural gas may take until the first quarter of 2026 for the EAC and then the private entity involved in conventional electricity generation to test the generators using the fuel known as liquefied natural gas,” he added.

Asked whether there was any response from the Greek Minister of Environment and Energy, Theodoros Skylakakis, regarding Cyprus’s participation in the share capital of GSI, Papanastasiou said that their meeting took place on December 27 during which “we presented the observations of the firm we have employed as the Republic of Cyprus.”

“The question now is whether the state will be a shareholder in the company, which will own the infrastructure, but at the same time will manage the specific infrastructure and the electricity flows,” he remarked.

Papanastasiou said he had a very productive meeting with his Greek counterpart during which there was consensus. “Now we are waiting for the Greek Minister of Energy to provide us with what has been agreed upon in writing,” he noted.

He said through the written statement of the Greek Ministry of Energy, in coordination with the Independent Electricity Transmission Operator (IPTO Greece), which is also the project implementation body, the Republic of Cyprus must decide whether to make the final investment decision, which will position the Republic of Cyprus as a shareholder.

Asked whether there has been any development regarding the drilling in the Exclusive Economic Zone (EEZ) of the Republic of Cyprus, Papanastasiou said that for “Cronos” which is the plot expected to bring the first Cypriot natural gas to the surface, the managing company is in consultation with the Egyptian authorities and simultaneously with the Ministry of Energy of the Republic of Cyprus in order to reach a commercial arrangement.

The Minister of Energy further explained that the development and production plan is expected to be provided within the next two months, noting that it is anticipated that (the plan) will direct the natural gas from “Cronos” in connection with the Zohr infrastructure towards a specific point in Egypt, and from there, depending on how the commercial agreement concludes, part of the Cypriot natural gas will be channeled to the Egyptian market and the larger part towards liquefaction to go to Europe and international markets.