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It is with great pleasure that I welcome you to the high level workshop on: "The Cyprus Gateway: Natural Gas to Power and Liquefaction", organised by the Ministry of Energy, Trade and Industry and the Cyprus Hydrocarbons Company.
Today's workshop is an initiative of my Government to refocus on Cyprus' energy needs and competitiveness as a top priority issue.
The unprecedented energy crisis following Russia's invasion of Ukraine, combined with inflationary pressures in global economies, have forced the EU to urgently seek alternative energy sources and supply routes. As a result, in the last two years we have witnessed a clear change in the global geopolitical and energy market, which has inevitably affected Cyprus.
The new Government of the Republic of Cyprus, from its first day in office, has set as a priority the reduction of electricity costs for households and businesses, which will support the competitiveness of the country and, consequently, the sustainable and sustainable development of our economy.
At the same time, we are called upon to effectively address the issue of Cyprus' energy isolation and its dependence on fuel imports, thus enhancing the security of our energy supply.
This will be achieved through interconnections with neighbouring countries and by promoting electricity storage systems, which are essential for the full utilisation of energy produced from renewable energy sources.
As key pillars of the updated energy strategy of the Republic of Cyprus, we have identified:
- Enhancing the security of energy supply,
- Counteracting the impact on Cyprus of geopolitical events that have an impact on energy costs,
- Removing the country's energy isolation,
- The sustainable and efficient operation of a competitive electricity market and an internal gas market,
- The rapid transition to a green and circular economy, based on the EU Green Deal and the 'Fit for 55' package, which aims to reduce greenhouse gas emissions by at least 55 % by 2030.
In our efforts to significantly reduce the cost of electricity generation in Cyprus and, consequently, the price of electricity for consumers, we propose, through 'The Cyprus Gateway' initiative, to consider an alternative solution aimed at the efficient use of the natural gas resources of the Eastern Mediterranean. Putting Cyprus first, we have come up with a technically feasible solution, which will be beneficial, in our opinion, for all parties: bringing natural gas to Cyprus for electricity generation and, at the same time, for liquefaction and export to Europe. To ensure the viability of the project, a Liquefied Natural Gas (LNG) facility could be developed in parallel in the Vasilikos area, which could be floating or modular onshore.
Through this facility, natural gas from the Eastern Mediterranean region can be liquefied in Cyprus and transported by LNG carriers to European markets, thus creating a gas supply corridor to Europe. This project is of great interest to the EU.
I am convinced that through synergies between energy, technology and investment organisations and the partnership of the Cyprus Government, we will unlock mutual and fair benefits for all of us.
We therefore invite companies and investors operating in the Eastern Mediterranean, as well as others who look favourably on the region as a potential new source of gas supply for Europe, to explore these synergies and of course, with our support, to take advantage of this opportunity.
This alternative approach to our energy strategy will be presented today by our experts. Please consider participating in this effort and suggest ways in which you can participate in the project's gas and electricity supply chains. Our team and the Minister of Energy stand ready during the workshops and meetings on a one-to-one basis that will follow, to make any clarifications you may need and to listen to your comments and ideas to optimise our designs.
We believe that Cyprus is in a unique position to make a positive contribution to the energy solutions that the Eastern Mediterranean can offer.
Important cross-border projects are being promoted in the region, including electricity interconnections, some of which are funded by the EU due to their importance for EU Member States and Europe as a whole.
Our aim is to continue and intensify our efforts towards energy diplomacy, actively promoting energy cooperation between the Eastern Mediterranean countries. The Cyprus Gateway initiative is part of these intensive efforts, providing stakeholders with an alternative to gain knowledge and expertise and generate revenue from natural gas resources through the transportation and liquefaction of natural gas in Cyprus.
The Ministry of Energy of the Republic of Cyprus and the Cyprus Hydrocarbons Company stand ready to work with you and your industrial partners to find ways to create investment opportunities.
Today's workshop is but the beginning of my Government's efforts to create a robust economy for the people of the Republic of Cyprus, while contributing to the security of energy supply of the European Union.
In conclusion, I wish to express my deepest appreciation, once again, to all the company representatives participating in today's workshop, the proceedings of which, I am sure, will be very interesting and very productive.
(OP)
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