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CYPRUS ENERGY SECTOR

The Cyprus Energy Sector is blooming and the country is committed to ensuring the security of its energy supply, protecting the environment, creating healthy competition in the energy sector and encouraging the development of renewable energy technologies and production.

RENEWABLE ENERGY

Cyprus has a wide range of renewable energy sources and technologies such as solar energy, photovoltaic grid and stand – alone systems, wind energy, wind turbines for water pumping as well as for generating electricity, biomass and small hydro.

Due to the long hours of sunlight that the country enjoys, Cyprus is one of top ranking countries in solar energy use for water heating in households, and has achieved significant progress in the production of energy from Renewable Energy Sources (RES). The most important projects relating to power generation from RES concern wind parks and photovoltaic parks.

The energy policy of Cyprus is harmonized with that of the European Union. The main aspects of the energy policy, as stated by the Ministry of Energy, Commerce, Industry and Tourism, include:

•  The liberalisation of the electricity and oil markets;
•  The establishment and operation of a strategic oil stock terminal;
•  The implementation of development programmes relating to the use of energy conservation, technologies, the utilisation of ingenious RES and the protection of the environment from industrial pollution;
•  The RES target is to supply at least 13% of the country’s energy by 2020; and
•  The promotion of oil products and other sources of environmentally friendly energy, such as natural gas.

OIL & GAS

Cyprus, a full EU member since 2004, is located at the Eastern Mediterranean and stands at the crossroads of big international energy routes. Assessments by the United States Geological Survey put the level of undiscovered oil and gas resources in the Eastern Mediterranean to significant amounts of natural oil and gas that lie in the island’s Exclusive Economic Zone (EEZ).

The attraction of multinational oil and gas companies, such as the Delek Group, ENI, ExxonMobil, Kogas, Qatar Petroleum, Royal Dutch Shell and Total having exploration rights in specific maritime areas of the Republic of Cyprus will increase the financial investments in the island and develop the necessary infrastructure, creating more investment opportunities and grow the economy of the island.

At the end of 2019 Cyprus signed an agreement for the building of liquefied natural gas (LNG) terminal at Vassiliko at a cost of €289million. The construction of the infrastructure has been undertaken by the international consortium China Petroleum Pipeline Engineering Co Ltd, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen Ship Management. The main purpose of the project is to supply natural gas to the island’s power stations.
Notably, Cyprus key geographical location combined with the discovery of significant deposits of natural gas enhances the island’s position as an energy hub in the Eastern Mediterranean.

LET’S WORK

TOGETHER.

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