(MENAFN- The Peninsula) QNA
Nicosia, Cyprus: Minister of Energy, Commerce, and industry of the Republic of Cyprus H E George Papanastasiou (pictured) stressed the importance of H H the Amir sheikh Tamim bin Hamad Al Thani's visit, considering it an essential factor for further enhancement of bilateral relations between Cyprus and Qatar, building upon the excellent results of H E Cypriot President Nikos Christodoulides' visit to Doha in November, 2023.
In his remarks to News Agency (QNA), Cyprus' Minister of Energy, Commerce and Industry said,“Cypriot authorities are planning to present to our Qatari guests investment prospects in various sectors of our economy, such as energy, technology, and tourism.”
The Cypriot Minister highlighted the multifaceted cooperation between the two countries, involving the hydrocarbons' exploration activities in the Exclusive Economic Zone (EEZ) of the Republic of Cyprus. QatarEnergy has a 40 percent share in Blocks 5 and 10 of the EEZ and together, with their partners ExxonMobil have already been very successful in Block 10, making in 2019 the“Glaucus” natural gas discovery, His Excellency noted.
“In the hydrocarbons' sector, Cyprus is working closely with the ExxonMobil and QatarEnergy consortium, which is planning to proceed with new exploration activities in Blocks 5 and 10 in the near future, whilst also working on the development of the“Glaucus” discovery,” he said, adding that“the high quality of the discovery has also been confirmed by an appraisal well in 2022. Hopefully, the consortium will enjoy similar success in their upcoming exploration activities in Block 5.” His Excellency noted that Cyprus has significant potential for further cooperation in renewable, noting its energy green energy export potential, adding that the country invests heavily in clean energy between neighboring countries and regions and has some of the highest potentials for renewable energy in Europe for solar generation.
“Further cooperation could be explored for the Great Sea Interconnection project. This is a project that is expected to terminate Cyprus' energy isolation, increase energy security in the Eastern Mediterranean, and encourage the development and export of clean energy to both Cyprus, Greece, and the rest of the European Union (EU),” H E Cypriot Minister said.
Commenting on trade volumes, the total trade in goods between Cyprus and Qatar has recorded an impressive increase of 504 percent between 2023 and 2022, jumping from €8.2m to €49.2m.
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