The final investment decision on management of the Kronos gas field will be taken at the end of March, with the aim of sending the first natural gas to Egypt in the first half of 2028 for processing and directing to the European market, Energy Minister Michael Damianos told the House energy committee on Tuesday.

Meanwhile, an Israeli delegation is in Cyprus on Tuesday and Wednesday for intensive negotiations to close the deal on the Isai natural gas deposit within the next two months.

As regards Aphrodite field, energy ministry officer Achilleas Sotirelis said the pre-Feed (front-end engineering design) had been concluded last year in February and now Cyprus has entered the detailed planning of the project, which should be ready by the end of the year with the final investment decision expected in 2027.

Former energy minister George Papanastasiou said that under Noble Energy, the project provided for a production unit and the promotion of dry natural gas to Egypt. This, he said, was confirmed with the new joint venture with Chevron in February 2025, which is moving fast.

The arrangement provides for a production unit at the site and a submarine pipeline to Egypt, which will use the natural gas from Aphrodite to supply its domestic market.

Asked by MPs about the prospect to bring natural gas for consumption in Cyprus, Sotirelis said this was not an attractive alternative for the companies, due to the small size of Cyprus’ market, whereas Egypt had a large market and higher demands.

Papanastasiou said it would not have been viable to send the Aphrodite natural gas to Cyprus alone and that sending it in two directions had not been discussed.

Regarding Kronos, Damianos said the latest discussions with ENI indicated a final investment decision by the end of March, natural gas reaching Egypt through Zor the latest by early 2028 and initially directing 100 per cent of it to the European market and later for Egypt to keep up to 20 per cent for its own use.

Replying to MPs’ questions, Damianos said Turkey had not obstructed works at Kronos.

Energy ministry officer Loukas Evgeniou explained that all discoveries in Cyprus’ exclusive economic zone were outside the illegal demands of Turkey.

Meanwhile, bloc 10 and deposits Glafcos and Pegasus are being evaluated by Exxon.

Sotirelis said that all geopolitical concerns had been discussed with the companies and the priority has been set for the production of natural gas.

A foreign ministry representative pointed out that Egypt was a partner of strategic importance for Cyprus and, despite Turkish pressure on Egypt, nothing has changed.

Speaking after the meeting, committee chairman Disy MP Kyriakos Hadjiyiannis said there appeared to be an Egyptian dependence on Cyprus to cover its needs in energy.

Hadjiyiannis added that the incumbent government was not looking into bringing dry natural gas to Cyprus to cover local needs and that the MPs had made it clear that if there was a market, the state should utilise it.

Akel MP Costas Costa said the people of Cyprus have been waiting 14 years for the exploitation of natural gas and there were still no clear timeframes for this to happen.

He said it was unthinkable that Cyprus had its own natural gas deposits but had to launch tenders to buy gas from the international market, however he added it was important that things were moving forward.