Energy Infrastructure

A proposed 1,900 km subsea pipeline from Eastern Mediterranean gas fields to Greece via Crete and onward to Italy. As of 2026 the project is effectively dormant — no final investment decision has been taken and it remains stalled by prohibitive cost and financing challenges, though it has not been formally cancelled. Cyprus's export strategy has shifted toward routing gas to Egypt for liquefaction.

An LNG import terminal at Vasilikos built to supply imported gas to Cyprus's power sector via the FSRU Prometheas. The lead contractor's contract was terminated in 2024 and the project has been reassessed under a new framework; cost estimates have risen to around €1–1.2 billion and realistic first gas has slipped to about 2030. The Prometheas vessel was delivered in December 2024 but has yet to be deployed. This is an import terminal for domestic supply, not an export facility.

A new subsea pipeline to carry Aphrodite (Block 12) gas to Port Said in Egypt, feeding Egypt's domestic grid and LNG plants with potential re-export to Europe. In April 2026 Egypt (EGAS) initialed a 15-year term sheet for 100% of Aphrodite's output; the Cyprus cabinet approved the basic gas-sales terms in May 2026, with final agreements pending. Press reports put the pipeline cost at roughly $2 billion with capacity up to 700 MMcf/d. FID is targeted for late 2026–2027, construction from 2027 and first gas to Port Said around 2030–31.

Egypt's LNG liquefaction plant at Damietta, operated by SEGAS (Eni/EGAS/EGPC), with one ~5 mtpa train that restarted in 2021 after an eight-year shutdown. It is the designated liquefaction point for Cyprus's Cronos gas: under the October 2025 tolling agreement, Cronos gas will be piped to Egypt's Zohr facilities and liquefied at Damietta (~$1/MMBtu tolling) for export to Europe from 2028, making it the first plant to turn Cypriot gas into LNG.

Cyprus' largest power plant, currently oil-fired with plans to switch to natural gas. It is expected to be the anchor domestic customer once the delayed Vasilikos LNG import terminal begins supplying gas.

Integrated development concept for the Block 6 discoveries. Phase 1 develops Cronos, with gas tied back ~90 km to Egypt's Zohr facilities and liquefied at Damietta LNG for Europe at ~5 bcm/yr. The development plan was approved by the Cyprus cabinet on 19 May 2026 and FID is imminent, with first gas targeted for 2028. A potential second phase would add Calypso and Zeus.

Subsea production system for the Aphrodite field — a floating production unit with four initial production wells tied back for export to Egypt, at an estimated cost of about $4 billion. Cyprus approved the development plan in February 2025 and FEED began in December 2025; FID is targeted for late 2026–2027 with first gas around 2030–31.