Energy Minister George Papanastasiou highlighted Egypt as an essential partner for Cyprus during an interview with the Cyprus News Agency (CNA) on Sunday, in the context of the EU-Egypt Investment Conference in Cairo, which took place a day earlier.
The event, which unfolded against the backdrop of the Israel-Hamas conflict, aimed to strengthen strategic cooperation between Europe and Egypt.
Papanastasiou told the agency that “this conference aims to enhance the strategic cooperation between Europe and Egypt, an anchor of stability in our turbulent region”.
At the conference, European Commission President Ursula von der Leyen announced that European companies had secured investment agreements worth over €40 billion, emphasising Europe’s commitment to Egypt’s economic development.
She mentioned that further assurances would be sought from international financial bodies like the IMF and the World Bank to protect these investments.
Although Papanastasiou did not attend the event in person, he underscored the active involvement of Cypriot companies, which established significant contacts with their Egyptian counterparts.
The minister emphasised the importance of these interactions, particularly in energy cooperation, aiming to utilize Cyprus’ natural resources.
“We are exploring avenues to transport natural gas from Cyprus’ Exclusive Economic Zone (EEZ) to Egypt for liquefaction,” he said.
Papanastasiou also outlined his plans to meet with Egyptian ministers of oil, electricity, and trade to advance discussions on several key issues.
He highlighted upcoming discussions on investments by Cypriot companies in Egypt’s aquaculture sector and ongoing talks about gas transportation through Egypt.
On electricity, Papanastasiou is slated to discuss the potential for a Cyprus-Egypt electricity interconnection with the Egyptian Minister of Electricity, noting that technical discussions are already underway.
“With Egypt’s anticipated surge in electricity generation from renewable sources, we see vast potential for this energy to be channelled to any European country connected through this proposed interconnection,” he concluded.
