Cyprus says natural gas could reach Europe by 2027

Some of the estimated 20 trillion cubic feet of natural gas discovered in waters off Cyprus could reach European markets as soon as 2027, the Cypriot president said Wednesday, as Europe looks for more ways to wean itself off Russian energy.

- BY MENELAOS HADJICOSTIS

President Nikos Christodoulides said the first quantity of natural gas that could be exported abroad will come from the so-called Cronos deposit, which is operated by a consortium made up of Italian company Eni and French firm TotalEnergies.

Christodoulides told an energy conference that the consortium would make its final decision to move ahead with the project next year, with Cronos gas potentially reaching a processing plant in the Egyptian port city of Damietta for liquefaction and transportation to European markets by ship in 2027.

"Cyprus is part of the energy solutions for energy security in the eastern Mediterranean and like I said, it’s an important objective to align your interests with those of powerful states and to act as an alternative energy corridor for Europe," Christodoulides said.