Energy Minister George Papanastasiou
Nov 7,
2023. Posted by Balkan Periscope - Hellas
Nicosia.
It is of
critical importance that Cyprus develops the necessary infrastructure to
exploit its natural gas because at present its hydrocarbons cannot be
effectively utilised, Energy Minister George Papanastasiou said on Tuesday.
Speaking at the 19th Annual Cyprus Summit organised by the Economist, he emphasised the importance of infrastructure development for the exploitation of the hydrocarbons in Cyprus’ Exclusive Economic Zone (EEZ).
Papanastasiou
pointed out that while Cyprus has significant natural gas reserves, the lack of
basic infrastructure prevents their effective utilisation.
“Without
the necessary infrastructure, it’s as if those discoveries in our EEZ do not
exist,” he said.
Commenting
on the broader region, he noted that Egypt is currently facing natural gas
shortages and daily power outages. He also highlighted Israel’s efficient use
of natural resources, making the country largely energy self-sufficient.
On the
contrary, Cyprus faces high electricity costs and has not yet fully utilised
its resources in its EEZ due to the absence of the necessary infrastructure,
Papanastasiou noted.
He
emphasised the need to develop infrastructure to ensure the energy future and
economic prosperity of the country.
Referring
to the increasing costs related to emissions, which burden the electricity
market of Cyprus, the minister revealed that these costs are expected to reach
half a billion euros next year, underlining the urgent need to address the
issue.
Cyprus Mail