George Papanastasiou

Major companies like Tesla and Samsung have expressed interest in developing a battery-based electricity storage system in Cyprus, according to Energy, Trade and Industry Minister George Papanastasiou. He announced on Tuesday that formal tenders for the 150-megawatt project will be issued in September.

The Great Sea Interconnector, a 1.9 billion-euro subsea cable linking the electricity grids of Cyprus and Greece, promises significant savings for Cypriot households.

Cypriot electricity consumers should not be burdened with a surcharge before the operation of the electricity interconnector linking Greece and Cyprus and the consequent reduction of electricity costs, Cypriot Minister of Energy, Commerce and Industry George Papanastasiou said on Monday.

The Republic of Cyprus is entitled to request from the implementing entity - Greece's Independent Power Transmission Operator (ADMIE) - an updated report on the cost-benefit analysis regarding the electricity interconnection between Cyprus and Greece as well as the updated business model, Cypriot Minister of Energy, Commerce and Industry George Papanastasiou has said.

Cypriot Energy Minister George Papanastasiou announced on Wednesday that the obstacles in the development plan for the Aphrodite gas field have been overcome, marking progress in Cyprus' energy ambitions.

Cyprus aims to complete construction of the liquified natural gas (LNG) terminal in Vasilikos by the end of 2024, Energy Minister George Papanastasiou said on Monday. 

The terminal is part of the EU's Projects of Common Interest (PCI) scheme, with €101 million in funding.

In a proposal during a European Union Council of Transport, Telecommunications and Energy on Tuesday, Cyprus' Minister of Energy, Commerce and Industry George Papanastasiou urged the establishment of an EU "solar bank" to finance the solar sector.

On Wednesday, Cypriot Minister of Energy, Trade and Industry George Papanastasiou and Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla discussed how to strengthen cooperation between Cyprus and Egypt in the field of energy. 

Cyprus could start producing its first natural gas as soon as 2026, and plans to participate in a high-powered electricity cable project linking the eastern Mediterranean to continental Europe, its energy minister told Reuters.

The Cypriot cabinet has approved the proposal by the minister of energy, commerce and industry, George Papanastasiou, regarding the grants initiative aimed at enhancing upgrades and strengthening the competitive edge of major enterprises.