Rome, Italy. President Nikos Christodoulides met Eni chief executive officer Claudio Descalzi on Friday as the company’s final investment decision remains pending on planned natural gas extraction from the Kronos field in Block 6 of Cyprus’ exclusive economic zone.
Final investment decision timeline
The meeting followed earlier remarks by Christodoulides that he wished to complete work related to the final investment decision by the end of next month, ahead of the Egypt Energy Show, where he and European Commission President Ursula von der Leyen are due to participate.
Last month, Eni chief operating officer of global natural resources Guido Brusco said the company was in the final stage of making an investment decision for Kronos. Brusco said he had been collaborating with Christodoulides and Energy Minister Michael Damianos to set a clear timetable aimed at completing the process as soon as possible.
Brusco said Eni is known for rapid implementation of projects, while adding that some documents still need to be finalised before the decision is made. He said the process was in its last stage and that it remained possible for Cypriot natural gas from the Kronos field to be exported as early as next year.
Export route via Egypt
With the Kronos field and Block 6 close to Egypt’s Zohr gas field, which Eni also operates, the company is expected to use its own infrastructure to transport Cypriot natural gas to the Segas liquefied natural gas terminal in the Egyptian port city of Damietta, from where it could be exported to Europe and, if required, elsewhere.
Talks on India-Middle East-Europe Economic Corridor
Christodoulides and Descalzi also discussed at length the planned India-Middle East-Europe Economic Corridor (Imec).
Cyprus is not a party to the 2023 memorandum of understanding on Imec signed by India, the United States, Saudi Arabia, the United Arab Emirates, the European Union, France, Germany and Italy. The island has recently been deepening ties with Israel, which is viewed by many to be one of the keystones of Imec, and is now gravitating towards deeper participation in the corridor.
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