George Papanastasiou

The Republic of Cyprus is entitled to request from the implementing entity - Greece's Independent Power Transmission Operator (ADMIE) - an updated report on the cost-benefit analysis regarding the electricity interconnection between Cyprus and Greece as well as the updated business model, Cypriot Minister of Energy, Commerce and Industry George Papanastasiou has said.

Cypriot Energy Minister George Papanastasiou announced on Wednesday that the obstacles in the development plan for the Aphrodite gas field have been overcome, marking progress in Cyprus' energy ambitions.

Cyprus aims to complete construction of the liquified natural gas (LNG) terminal in Vasilikos by the end of 2024, Energy Minister George Papanastasiou said on Monday. 

The terminal is part of the EU's Projects of Common Interest (PCI) scheme, with €101 million in funding.

In a proposal during a European Union Council of Transport, Telecommunications and Energy on Tuesday, Cyprus' Minister of Energy, Commerce and Industry George Papanastasiou urged the establishment of an EU "solar bank" to finance the solar sector.

On Wednesday, Cypriot Minister of Energy, Trade and Industry George Papanastasiou and Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla discussed how to strengthen cooperation between Cyprus and Egypt in the field of energy. 

Cyprus could start producing its first natural gas as soon as 2026, and plans to participate in a high-powered electricity cable project linking the eastern Mediterranean to continental Europe, its energy minister told Reuters.

The Cypriot cabinet has approved the proposal by the minister of energy, commerce and industry, George Papanastasiou, regarding the grants initiative aimed at enhancing upgrades and strengthening the competitive edge of major enterprises.

Cyprus is considering participating in the ambitious Great Sea Interconnector project, formerly known as EuroAsia, according to statements from government officials. The proposal, jointly submitted by the ministers of energy, commerce and industry, George Papanastasiou, and finance, Makis Keravnos, signals Cyprus' readiness to join forces with Israel and Greece in the massive project.

The Republic of Cyprus has secured 40 million euros from the Just Transition Fund for energy storage facilities, addressing the inflexibility of its electricity system in storing excess energy from renewables.

The consortium licensed for Cyprus' "Aphrodite" gas field will update the development and production plan of the field by March 31, as announced by the minister of Energy, Commerce and Industry, George Papanastasiou. He pointed out that a floating production unit (FPU) above the gas field would be an essential plan of the new agreement.