Energy Minister: Significant Agreements Advancing for the "Cronos" Field

Energy cooperation between Cyprus and Egypt for the exploitation of the "Cronos" natural gas field is progressing, with the completion of technical and commercial agreements expected within the coming weeks, according to the Minister of Energy, Commerce and Industry, Giorgos Papanastasiou.

Following a meeting with the Egyptian Minister of Petroleum, Karim Badawi, in Nicosia, attended by executives from Eni and TotalEnergies, Mr. Papanastasiou referred to the progress of the host country agreement, co-signed by the Republic of Cyprus, Egypt, and the investors.

Key commercial agreements between the investors and Egypt have already been formulated, covering the supply chain from export to liquefaction of natural gas in Damietta. Simultaneously, a natural gas sales agreement between Cyprus and the investors is being prepared, with the aim of signing in October.

Eni and TotalEnergies aim for a final investment decision by the end of 2025, with the first gas flow from "Cronos" expected in 2027. The Egyptian Minister of Petroleum assured his country's readiness to support the project.

The next meeting of the Coordinating Committee will likely take place in Cairo or Damietta. A meeting may precede this in Milan in September 2025, on the sidelines of the Gastech exhibition.