It is a great pleasure to address the opening of the Eastern Mediterranean Gas Forum (EMGF) Energy Transition Conference, organised by the Ministry of Energy, Commerce and Industry, the Cyprus Hydrocarbons Company and the EMGF Secretariat in the framework of the EMGF Presidency, proudly held by the Republic of Cyprus for 2022.

From the outset, I would like to extend a warm welcome to all delegates who visited Cyprus from abroad, and especially the EU Commissioner for Energy, Ms Kadri Simson, and the Energy Ministers of Egypt, Greece and Jordan and representatives of Italy, France, Israel.

Your presence validates once more our excellent collaboration, as well as our collective efforts to further strengthen our co-operation in energy related matters, both as a means of achieving lasting stability and peace in our volatile region and in enhancing Europe’s energy security through alternative energy routes.

Committed to developing a sustainable regional gas market, whilst minimising the technical, financial and political risks involved, EMGF has proved highly successful not only in bringing countries of our region together, but also a range of different stakeholders, from gas producers and investors, to traders and financing entities.

Established on the fundamental principle of full respect to the sovereign rights of independent states to exploit their natural resources in accordance with international law, the Forum has managed to foster cooperation through structured and systematic dialogue on natural gas issues, including on the path to green transition.

On the agenda of today’s conference is an overview of EMGF activities and in particular the progress of the work prioritised by Cyprus’ Presidency, including the East Mediterranean Natural Gas Decarbonisation Initiative, as well as the outcomes of a study on the Role of East Med in the EU’s Energy Security, particularly during the challenging times we are all facing.

The latter is a specialised study supported by the European Union, examining the East Med’s potential contribution to the EU’s efforts to diversify energy sources and routes.

This may be achieved by transferring East Med natural gas, either as LNG or through pipelines, hydrogen that will be produced in the region in the medium and long term, and clean energy from Renewables exported to Europe via electrical interconnections.

And it goes without saying that the Eastern Mediterranean can assume a key role to this end.

Last June we witnessed in Cairo the signature of the trilateral Memorandum of Understanding between the EU, Egypt and Israel for the export of natural gas to the EU.

A development which constitutes another tangible step towards enhancing EU energy cooperation with the countries of Eastern Mediterranean, as well as a new positive development in enhancing energy planning between the countries of the region.

And I wish to reiterate that Cyprus, due to its strategic location and its excellent relations and long-standing partnerships in the field of energy with neighbouring countries, at a bilateral, regional and multilateral level, stands ready to make its own contribution and be an active part of the energy solutions that our region has to offer.

A role which we have already assumed through the start of the construction phase of the “EuroAsia” interconnector between Cyprus, Greece and Israel – the inauguration ceremony of which will be held later on today-, as well as the preparations underway for also launching the “EuroAfrica” interconnector which will connect Cyprus-Greece- Egypt.  

According to current status and planning, it is estimated that by the end of 2027, once the first interconnection is in place, Cyprus will have an excess of renewable energy that could be exported or exchanged, in addition to the quantities that could be available from Egypt, Israel, and Greece.

Consequently, Cyprus can become a net exporter of electricity at capacities that could range from 120 Gigawatt hours in 2027, up to 1000 in 2030, and exceeding 1800 in 2033.

Further to the above-mentioned, we also stand ready to examine possibilities and proposals of connecting various natural gas fields in Cyprus – Israel – Egypt -during the next days Lebanon- with either existing or new infrastructure, through which gas can be exported to Europe.

As regards the East Mediterranean Natural Gas Decarbonisation Initiative, the final results of which will be presented during COP27 in Egypt next month, the focus has been to develop an action plan to reduce emissions across the value chain of the EMGF member countries’ gas industry, in order to support transition to low carbon-intensive gas resources.

In addition, the EMGF is ready to make recommendations on the policies needed to align efforts to mobilise financing, develop capacities and deploy technologies for decarbonisation of the East Mediterranean gas.

Recognizing the vast resource prospects, opportunities and challenges, it is clear that the full energy potential of the Eastern Mediterranean can only be unlocked if suppliers, buyers and transit countries in the region cooperate on developing numerous infrastructure projects for gas, hydrogen and renewable energy trade within the region and with external markets. 

The fact that almost all of the Members of the Gas Industry Advisory Committee of the EMGF are active in exploration and exploitation of energy resources in the East Med, effectively means that a platform for discussion is already available in order to define the synergies for best exploiting them.

At the same time, it should also be once more stressed that the significance of the EMGF goes beyond energy cooperation; as an enabler of regional peace, economic growth and prosperity in our turbulent region and beyond.

And I wish to yet again stress that it is open to any country wishing to join us in this collective process, provided it adheres with our shared values and principles in respecting international law, including the UN Convention on the Law of the Sea.

Our motto is that energy should act as a catalyst for peace and prosperity and not in creating tensions and conflicts.

In closing, I wish to yet again extend my deepest appreciation to the Member countries’ delegations and the representatives of the companies in the Gas Industry Advisory committee, for all the hard work you have been doing over the last years in order to achieve the results that will be presented today.

In particular, I wish to thank the Arab Republic of Egypt, represented today by Minister El Molla, for the support they have provided during the establishment of the EMGF and for generously allocating the necessary resources for its operation.

Once more, thank you all for your participation in the EMGF Energy Transition Conference, the deliberations of which I am certain will be both interesting and fruitful.