The development of Cyprus’ energy sector is imperative, Yiorgos Lakkotrypis stated at the Informal Council of EU Energy Ministers, held on May 15-16 in Athens.
Discussing the importance of energy security in the EU, the Ministers considered the implications arising from the ensuing crisis in Ukraine, which is leading member states to seek safer, albeit costlier energy solutions.
Cyprus could certainly benefit from this, the Minister of Energy, Commerce, Industry & Tourism said.
“The construction of onshore gas liquefaction plant in Cyprus and the emergence of Cyprus as an energy hub is at the top of our energy priorities,” said the Minister.
The risk of investing in energy infrastructure in Cyprus to have been reduced, it seems, as the Ukrainian crisis unfolds. “The energy security scenario is completely changed and none can deny that more expensive investments will be made based on energy security, rather than return of investments,” said Pasquale De Micco, a national expert from the European Parliament`s policy department.
At the meeting Lakkotrypis advocated for the immediate implementation of projects that will help to reduce energy isolation of the Member States and enhance EU energy security, noting that the possibility of additional funding for these projects should be examined more extensively.
The Cyprus Energy Minister met with EU Energy Commissioner Gunther Oettinger and the Executive Director of the International Energy Agency (IEA) Maria van Der Hoeven at the Council, also holding a private meeting with his Greek counterpart and President of the EU Energy Council Yannis Maniatis.
Lakkotrypis briefed the Greek Minister on recent developments in hydrocarbon exploration in the EEZ of Cyprus and Government plans for the creation of the onshore gas liquefaction plant in Cyprus, whilst Maniatis briefed the Cypriot Minister on developments to promote the EastMed gas pipeline between Israel, Cyprus and Greece.
Based on the discussion of the Ministers, the European Commission will draft a strategy for the security of its energy supply, which will consist of an in-depth analysis of the situation and a study to reduce EU energy dependency.
These studies will be discussed at the Council of Energy Ministers in mid-June, as well as at the European Council that will follow.
Published by: www.goldnews.com.cy
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