It was indeed with great pleasure that I accepted the invitation of the Institute of Energy of the Southeastern Mediterranean (IENE) and Financial Media Way (FMW) to attend and address today's Energy Symposium, an important institution for the energy events of the country, which this year reaches the milestone of ten events. You have chosen this year a theme which, under the title "Cyprus: energy hub in the Eastern Mediterranean", encompasses essentially all the policies and actions we are implementing in the implementation of our multidimensional energy policy and strategy.
Our ultimate goal is the exploitation of our energy deposits and the transition of the country to green energy through the enhancement of the security of energy supply, the removal of energy isolation and the operation of both the competitive electricity market and the internal gas market, at the lowest possible cost to the consumer.
The Government's strategy on energy issues always takes into account the major challenges of the sector, while it evolves and is modified according to the current situation.
Our main priorities in this context are both the response to the energy crisis and the role that Cyprus can play in the energy security of Europe.
Today, in the midst of this unprecedented global energy crisis, which is mainly affecting the countries of Europe and not only because of the dependence on Russian oil and gas, the European Union is desperately seeking energy outlets and energy independence from unsafe destinations.
At the same time, the EU is considering measures to strengthen its energy security, which will accelerate investment in the green transition, ensure the storage of sufficient quantities of natural gas, develop interconnections between Member States and intensify the dialogue on import agreements for energy products with friendly countries, producers or energy suppliers. This highlights the fact that Cyprus and our region can provide a reliable, alternative energy supply to Europe, which will include a variety of sources and routes.
Our vision is to create an Energy Corridor, the East Med Corridor, which will include different sources and routes, accelerating mature projects and exploiting the synergies needed for the sustainable exploitation of domestic energy resources.
Our initiatives in this direction are ongoing. Our participation in the East Mediterranean Gas Forum is well known, as are the trilateral partnerships on stability and security in the region and the exploitation of energy resources.
I note in this regard the meetings we held with Energy Commissioner Kadri Simson, during her visit to Cyprus in October, with the companies operating in the Cypriot EEZ to discuss ways to accelerate both their research programmes and the exploitation of the natural gas deposits discovered in the Lefkada Basin.
I note in this regard the meetings we held with Energy Commissioner Kadri Simson, during her visit to Cyprus in October, with the companies operating in the Cypriot EEZ, to discuss ways to accelerate both their research programmes and the exploitation of the natural gas deposits discovered in the Lefkada Basin. It is estimated that by 2050 the SA will be the largest exporter of hydrogen.
Regarding the EuroAsia Interconnector, the foundation stone of which we laid last month, I would like to point out that it is a project which has secured the largest ever EU grant for energy infrastructure, amounting to €658 million.
Which demonstrates both the strategic importance of Cyprus and the key role it will play in interconnecting the energy market of Europe with that of the Eastern Mediterranean.
One proposal that we have submitted as Cyprus to the European Council is for the exploitation of large areas of desert to produce green energy through renewables, which through the EuroAfrica interconnector could provide an alternative source of supply of significant energy and freedom from dependence on other sources.
One proposal that we have submitted as Cyprus to the European Council is for the exploitation of large areas of desert to produce green energy through renewables, which through the EuroAfrica interconnector could provide an alternative source of supply of significant energy and freedom from dependence on other sources.
Before I conclude, and taking this opportunity, what I would like to assure you of is our will, despite any provocation, threats and illegal actions by Turkey, to proceed, as a sovereign and independent state, with the uninterrupted implementation of our energy policy, based on the specific and targeted strategic plans we have adopted.
In the direction of exercising our sovereign rights, we will continue with the initiatives to upgrade our energy partnerships with the countries of the Eastern Mediterranean and the EU, of course, while at the same time honouring our contractual obligations either to states or to corporate giants, proceeding with the implementation of the very important agreements that the Republic of Cyprus has concluded.
I would like to reiterate that Cyprus does not object to Turkey's participation.
I would like to reiterate that Cyprus does not object to Turkey's participation.
I would like to reiterate that Cyprus does not object to Turkey's participation. We do not want Turkey to be excluded from the wider network of energy synergies that have been developed in the region and which promote security, stability and an alternative to the EU.
But what is required first and foremost is an end to Turkey's illegal actions, its challenge to the EEZ of Cyprus and Greece, or to the law of the sea and the sovereign rights of the states in the region. Under these circumstances, of course, it would be a blessing for the countries of the region, including Turkey, to cooperate if there were respect for international law.
I have no doubt that on the basis of the strategic partnerships we have entered into with the countries of the region, the significant deposits that have been discovered in the Levantine Basin and the launch of the electrical interconnection with Europe, Cyprus will become a reliable, secure and alternative energy hub for the benefit of the energy security of the continent and the Eastern Mediterranean.
I wish many more decades and every success to the 10th Energy Symposium and thank you all very much for your contribution to the formation and exchange of ideas that are so necessary in today's context.
(PM/NG/SX)
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