Latest news with #GeorgePapanastasiou
Euronews
05-05-2025
- Business
- Euronews
Cyprus and Israel seek swift electricity link via undersea cable but Turkey objects
ADVERTISEMENT Cyprus and Israel are seeking to establish an electricity linkup via an undersea cable that would eliminate their respective energy isolation, a Cypriot official has said. Energy Minister George Papanastasiou said that Israel is particularly keen to ensure that it can rely on Cypriot energy reserves from both conventional and renewable sources to power the country if the need arises. Pananastasiou told the AP that Cyprus would soon have the capacity to generate around four gigawatts of electricity from fossil fuels as well as solar and wind sources, while consuming only 0.5 GW. Wind turbines and photovoltaics generate 1 GW of electricity, but licenses have been issued for construction of new wind and solar energy parks with a capacity of 2.8 GW. Conventional fuels generate 1.4 GW. Cyprus' Energy Minister George Papanastasiou talks during an interview in Nicosia, 7 November, 2023 AP Photo The shared commitment for an electricity cable link was affirmed on Sunday when Cypriot President Nikos Christodoulides held talks with Israeli Prime Minister Benjamin Netanyahu during a daylong visit to Israel and Ramallah in the West Bank. Both leaders said that the electricity link would showcase the two countries' geographical location as the natural gateways between Europe and the Middle East. Papanastasiou said given this geographical advantage, the two leaders agreed to pursue the potential benefits from the establishment of a trade, energy and digital connectivity corridor between India, the Middle East and Europe. The corridor, known as the India-Middle East-Europe Economic Corridor (IMEC), was unveiled at the G20 summit of the world's leading rich and developing nations in India in 2023. Related Yemen's Houthis announce 'air siege' of Israel following airport missile attack Israeli cabinet approves plan to seize all of Gaza Strip, reports claim Netanyahu said that he had recently spoken with his Indian counterpart Narendra Modi about IMEC, which he said was "a very revolutionary and transformative development that we want to bring into place." Separately, an electricity cable project to link Greece with Cyprus is already underway. The €1.94 billion Great Seas Interconnector (GS) is partly funded by the European Union with a price tag of €800 million. Progress has been slowed because of Turkish objections over the cable's course. Turkey says the project can't proceed without its consent because the cable would pass through waters it claims fall within its jurisdiction.
05-05-2025
- Business
Cyprus, Israel seek to establish electricity linkup via undersea cable
NICOSIA, Cyprus -- Cyprus and neighboring Israel are seeking to swiftly establish an electricity linkup via an undersea cable that would eliminate their respective energy isolation, an official said Monday. Energy Minister George Papanastasiou said that Israel is particularly keen to ensure that it can rely on Cypriot energy reserves from both conventional and renewable sources to power the country if the need ever arises. Pananastasiou told The Associated Press that Cyprus would soon have the capacity to generate around four gigawatts of electricity from fossil fuels as well as solar and wind sources, while consuming only 0.5 GW. Wind turbines and photovoltaics generate 1 GW of electricity, but licenses have been issued for construction of new wind and solar energy parks with a capacity of 2.8 GW. Conventional fuels generate 1.4 GW. The shared commitment for an electricity cable link was affirmed Sunday when Cypriot President Nikos Christodoulides held talks with Israeli Prime Minister Benjamin Netanyahu during a daylong visit to Israel and Ramallah, West Bank. Both leaders said that the electricity link would showcase the two countries' geographical location as the natural gateways between Europe and the Middle East. Papanastasiou said given this geographical advantage, the two leaders agreed to pursue the potential benefits from the establishment of a trade, energy and digital connectivity corridor between India, the Middle East and Europe. The corridor, known as the India-Middle East-Europe Economic Corridor, or IMEC, was unveiled at the India-hosted Group of 20 summit of the world's leading rich and developing nations in 2023. Netanyahu said Sunday that he had recently spoken with Indian counterpart Narendra Modi about IMEC, which he said was 'a very revolutionary and transformative development that we want to bring into place.' Separately, an electricity cable project to link Greece with Cyprus is already underway. The 1.94 billion-euro ($2.19 billion) Great Seas Interconnector, or GSI, is partly funded by the European Union to the tune of 800 million euros ($903 million). Progress has been slowed because of Turkish objections over the cable's course. Turkey says the project can't proceed without its consent because the cable would pass through waters it claims are under its jurisdiction.
Zawya
27-02-2025
- Business
- Zawya
TAQA interested in investing electricity connection project by 2029, Cyprus energy minister says
ABU DHABI - Cyprus's Energy Minister, George Papanastasiou, said on Thursday that Abu Dhabi's TAQA is interested in investing in and supporting the delivery of an electricity connection project the country is developing. The project is the Great Sea Interconnector (GSI) cable which will link transmission networks of Europe to Cyprus in a project costing 1.9 billion euros ($2.12 billion), and later stretch to Israel. Speaking at the Investopia conference in Abu Dhabi, Papanastasiou told Reuters that the Abu Dhabi National Oil Company (ADNOC) has expressed interest in Cyprus's Exclusive Economic Zone (EEZ) and is seeking assets that are "ready to go." Papanastasiou said that the possibility of entering a new licensing round with ADNOC for exploration purposes was not ruled out. ADNOC previously expressed interest in Cyprus's emerging natural gas sector, the minister confirmed to Reuters in November. (Reporting by Federico Maccioni and Abinaya Vijayaraghavan; Writing by Tala Ramadan Editing by Tomasz Janowski)
Reuters
27-02-2025
- Business
- Reuters
TAQA interested in investing electricity connection project by 2029, Cyprus energy minister says
ABU DHABI, Feb 27 (Reuters) - Cyprus's Energy Minister, George Papanastasiou, said on Thursday that Abu Dhabi's TAQA ( opens new tab is interested in investing in and supporting the delivery of an electricity connection project the country is developing. The project is the Great Sea Interconnector (GSI)cable which will link transmission networks of Europe to Cyprus in a project costing 1.9 billion euros ($2.12 billion), and later stretch to Israel.
Asharq Al-Awsat
19-02-2025
- Business
- Asharq Al-Awsat
Cyprus Says Egypt's Infrastructure Helps Unlock Potential of Its Gas Reserves
Cypriot Energy Minister George Papanastasiou said Egypt's energy infrastructure helps Cyprus make the most of its gas reserves. Speaking at Egypt's international Energy Show (EGYPES 2025), Papanastasiou stressed that a successful energy transition should focus on energy security, affordable resources, and supporting technologies. He also emphasized the importance of working with Egypt, given its competitive advantages in the sector. Egypt and Cyprus signed two agreements on Monday, on the sidelines of EGYPES 2025, to begin developing Cyprus' natural gas discoveries using Egypt's infrastructure. The agreements are part of Egypt's Petroleum Ministry strategy to transform the country into a regional hub for natural gas trade, by receiving gas from Eastern Mediterranean discoveries, directing it to the local market, and re-exporting it to Europe. Egyptian Petroleum Minister Karim Badawi emphasized Egypt's role as a regional energy hub, thanks to its strong infrastructure in the petroleum and gas sectors. He said the main goal of regional energy cooperation is to help countries make the most of their resources and infrastructure, with close partnerships between Egypt, Cyprus, and Europe for mutual benefit. Egypt's strategy focuses on using its location and advanced infrastructure to boost its role in renewable and green energy, as well as petrochemicals, Badawi explained. He also highlighted plans to diversify energy sources, increase renewable energy, and explore green hydrogen, while responsibly producing oil and gas with minimal carbon emissions. Greek Energy Minister Theodore Skylakakis discussed Greece's efforts to secure energy and develop electricity infrastructure, turning the country from an importer into an exporter of electricity for the first time. Badawi signed a memorandum of understanding (MoU) with Skilakakis on cooperation in carbon capture, storage, and utilization with the aim to reduce carbon emissions from the energy sector and support low-carbon economy. The MoU, inked on the sidelines of EGYPES 2025, seeks to facilitate knowledge exchange between Egypt and Greece on the application of carbon capture and storage (CCS) technologies that capture the greenhouse gas carbon dioxide and store it safely underground, so that it does not contribute to climate change. The scope of cooperation includes developing proposals for a regulatory framework for carbon capture, storage, and utilization activities, in accordance with environmental standards and regulations.
