Cyprus minister says island’s energy role has strengthened amid regional cooperation efforts

Washington, United States. Cyprus Energy Minister Michael Damianos said on Tuesday that Cyprus has strengthened its role in regional and international energy developments, following his participation in the Atlantic Council global energy forum in Washington, DC. He said the eastern Mediterranean has significant prospects for the energy sector and can contribute to the diversification of energy sources and routes.

Forum assessment

Speaking to the Cyprus News Agency, Damianos said the forum had highlighted the Republic of Cyprus’ strengthened role in regional and international energy developments. He said the eastern Mediterranean region offers significant prospects for the energy sector.

Regional cooperation

Damianos stressed the importance of the “3+1” format involving Cyprus, Greece, Israel, and the United States, saying it creates conditions for joint initiatives with tangible results.

He said he will attend a ministerial meeting in the “3+1” format in Houston, Texas, on Thursday alongside Greece’s Stavros Papastavrou, Israel’s Eli Cohen, and the United States’ Chris Wright. The aim of the meeting, he said, is to further deepen cooperation and formulate specific next steps.

Eastern Mediterranean energy centre

Damianos said those next steps will include the creation of an Eastern Mediterranean energy centre, which he said will provide significant technocratic support for energy projects and infrastructure issues.

Great Sea Interconnector

His comments come after the governments of Cyprus and Greece earlier this year sent a joint letter to the European Central Bank seeking a new due diligence study to advance the Great Sea Interconnector project. If completed, the project will link the energy grids of Cyprus, Greece, and Israel.

The Cyprus Mail was told at the time that, should the study deem it appropriate, funding for the project’s completion may be provided by the Luxembourg-based bank in due course.

Cost concerns

Damianos has previously said that, from a security of supply perspective, completion of the project is a must. He also said that, according to current estimates, the Republic of Cyprus would be responsible for 63 per cent of the project’s overall cost.

“If the project costs €1.9 billion, Cyprus will pay about €800 million. If it costs more, we will still be paying 63 per cent – and that means through consumers’ bills,” he said.