Trade between Qatar, Cyprus amounts to USD53.3M in 2023

(MENAFN) The trade in goods between Cyprus and Qatar witnessed a remarkable surge, with trade volumes skyrocketing by 504 percent between 2022 and 2023. This surge propelled trade figures from €8.2 million (USD8.88 million) to €49.2 million (USD53.3 million), highlighting a significant increase in bilateral trade activity.

Minister of Energy, Commerce, and Industry of Cyprus, HE George Papanastasiou, underscored the significance of the upcoming visit by HH the Amir Sheikh Tamim bin Hamad Al Thani, stating that it represents a crucial opportunity to further enhance the longstanding relations between Cyprus and Qatar. He emphasized the importance of building upon the positive outcomes of the visit by H E Cypriot President Nikos Christodoulides to Doha in November 2023.

In his remarks to Qatar’s official news agency, Cyprus’ Minister of Energy, Commerce and Industry declared: “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 emphasized the diverse cooperation between Cyprus and Qatar, particularly in the realm of hydrocarbons exploration activities within the Exclusive Economic Zone (EEZ) of Cyprus. Highlighting QatarEnergy's significant involvement with a 40 percent share in Blocks 5 and 10 of the EEZ, he noted the successful collaboration with partners like ExxonMobil.

The discovery of the "Glaucus" natural gas field in Block 10 in 2019 stands as a testament to the fruitful outcomes of this partnership, underscoring the mutual benefits derived from their joint efforts.

“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 stated.

He further mentioned 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.”

The Cypriot official highlighted Cyprus's substantial potential for expanding cooperation in renewable energy initiatives, citing its capacity for green energy exports. He underscored the country's significant investments in clean energy infrastructure and emphasized its role as a key contributor to renewable energy projects in neighboring regions, he also pointed out Cyprus's exceptional prospects for solar energy generation, positioning it as one of Europe's leaders in renewable energy potential.

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