Philenews

Damianos: Final Investment Decision for Kronos by End of March

Published January 15, 2026, 10:21
Damianos: Final Investment Decision for Kronos by End of March

The Minister of Energy, Michalis Damianos, expressed optimism that a final investment decision for the commercial exploitation of the Kronos deposit in the Cypriot EEZ will be made by the ENI – TotalEnergies consortium by the end of March. If the schedule is maintained, the flow of Cypriot natural gas to Egypt is expected between the end of 2027 and the beginning of 2028, for processing and liquefaction for export to Europe. Cyprus and Egypt have the option to make all the natural gas from the Kronos deposit available to European markets or to retain up to 20% for the Egyptian market. The start of extraction from the Aphrodite deposit is scheduled for 2030, while the electricity interconnection with Greece remains strategically important, with an update study underway.