Our goal is to achieve the energy autonomy of Cyprus, in order for the country's energy efficiency not to depend on geopolitical, energy and other crises, Minister of Energy George Papanastasiou said on Saturday, speaking during an event organised by the Democratic Party on "The cost of Energy and how it can be reduced".

In his speech on "Natural Gas and Prospects", the Minister noted that the goal of the strategy that if followed is the utilization of the natural resources in the Exclusive Economic Zone (EEZ) of Cyprus and the good use of the energy potential that exists in the Eastern Mediterranean region. The Minister gave an overview of the situation regarding the blocks located in the Cypriot EEZ and the companies which are operating there.

Referring to Israel, he said that first they used their natural wealth  to cover their energy needs and then proceeded to export. In addition, he referred to the case of Malta, saying that the country has natural gas, as well as electricity interconnection with Italy.

As regards Cyprus, he said that the country has deposits which are enough for the production of conventional electricity, as well as for export through liquefaction, either to terminals in Egypt or to new terminals in Cyprus.

The Minister of Energy referred to the options  in terms of liquefaction, namely floating units and units on land (modular).

He noted that the vessel - onshore terminal will be completed in July 2024, adding though that this does not mean that natural gas automatically will go into power generation.

Our attention should focus on "Cyprus first" and this is the strategy regarding energy, he stressed.

Papanastasiou also referred to the electricity interconnection of Greece-Cyprus-Israel (EuroAsia Interconnector) saying that Cyprus connection with Crete means at the same time its connection with Europe.

This, the Minister said, gives significant sufficiency by offering security of supply in Cyprus.

Furthermore, the Minister referred to the Energy produced by Renewable Energy Sources saying that the largest power generation comes from the sun, since the solar potential in Cyprus is one of the largest in the world due to the geographical position of the island.

Concluding, he noted that the grid will need to become "smarter" for the transport, storage and distribution of electricity.