Cooperation between Cyprus and the United States in energy, trade and investment is increasingly becoming a strategic necessity for regional stability and transatlantic energy security, Energy Minister Michael Damianos said on Friday.

Speaking at an event organised by the American Chamber of Commerce (AmCham) in Cyprus, the minister said the country’s natural gas prospects, alongside the participation of major US companies, are creating opportunities for economic growth, energy diversification and regional stability.

He highlighted the commercial exploitation of the Aphrodite field in Block 12, which is expected to involve a floating production unit in Cyprus’ exclusive economic zone (EEZ) and exports via an undersea pipeline to Egypt.

This, he said, underlines the geopolitical and economic importance of cooperation with the US.

Production from the Aphrodite field is expected to begin in early 2030, following a final investment decision.

Damianos also pointed to the presence of ExxonMobil in Cyprus’ EEZ as a key pillar of this strategic partnership, following the discovery of gas deposits in the Glaucus and Pegasus fields, which were declared commercially viable on March 30.

US companies such as SLB and Halliburton are also supporting offshore activities in the region, reinforcing Cyprus’ role as a regional hub for energy services, he added.

The minister is set to visit the EU in June to participate in a 3+1 (Cyprus, Greece, Israel, US) energy meeting and the Atlantic Council’s global energy forum.

Damianos also referred to trade, saying that Cypriot exports to the US more than doubled last year, from €24 million in 2024 to around €51m in 2025.

Halloumi remained the main export product to the US, amounting to €11m in 2025.

According to the minister, US direct investment stock in Cyprus reached €26.2 million at the end of 2024, reflecting investor confidence in the Cypriot economy.

He furthermore pointed out that Cyprus was in a position to act as a strategic business and commercial hub for US companies, as well as a place to establish or expand regional headquarters, particularly in the sectors of technology, telecommunications, business services, shipping and energy.

Referring to industry, Damianos said €350 million has been allocated for the 2021–2027 period to support energy efficiency, digital transformation, competitiveness and the green transition.

Cyprus remains committed to responsible and transparent policies, he said, adding that cooperation with the US is crucial for national growth as well as regional and international security.