CyprusGasNews May 2014 CyprusGasNews for June 2014 | Page 8

Minister Mr. Yiorgos Lakkotrypis
Cyprus’ Energy Potential is Top Priority

The development of Cyprus’ energy sector is

imperative, Yiorgos Lakkotrypis stated at the
Informal Council of EU Energy Ministers, held
on May 15-16 in Athens.

Discussing the importance of energy security
in the EU, the Ministers considered the implications arising from the ensuing crisis in Ukraine,
which is leading member states to seek safer,
albeit costlier energy solutions.
Cyprus could certainly benefit from this, the
Minister of Energy, Commerce, Industry &
Tourism said.
“The construction of onshore gas liquefaction
plant in Cyprus and the emergence of Cyprus
as an energy hub is at the top of our energy
priorities,” said the Minister.
The risk of investing in energy infrastructure in
Cyprus to have been reduced, it seems, as the
Ukrainian crisis unfolds. “The energy security scenario is completely changed and none
can deny that more expensive investments
will be made based on energy security, rather
than return of investments,” said Pasquale De
8 |CyprusGasNews

Micco, a national expert from the European
Parliament`s policy department.
At the meeting Lakkotrypis advocated for the
immediate implementation of projects that will
help to reduce energy isolation of the Member
States and enhance EU energy security, noting that the possibility of additional funding
for these projects should be examined more
extensively.
The Cyprus Energy Minister met with EU Energy Commissioner Gunther Oettinger and the
Executive Director of the International Energy
Agency (IEA) Maria van Der Hoeven at the
Council, also holding a private meeting with
his Greek counterpart and President of the EU
Energy Council Yannis Maniatis.
Lakkotrypis briefed the Greek Minister on recent developments in hydrocarbon exploration
in the EEZ of Cyprus and Government plans
for the creation of the onshore gas liquefaction
plant in Cyprus, whilst Maniatis briefed the Cypriot Minister on developments to promote the
EastMed gas pipeline between Israel, Cyprus
and Greece.