2027 A Pivotal Year for Cyprus’ First Natural Gas Exports, Says Energy Minister

by THEFUTURE.TEAM

January 31, 2025

Cyprus is set to reach a major milestone in 2027, as it prepares to transport its first natural gas, Minister of Energy, Commerce, and Industry George Papanastasiou said on Thursday.

Following a meeting with trade union SEK, Papanastasiou highlighted the significance of the upcoming agreement with Egypt, which President Nikos Christodoulides will personally underscore during his visit to the neighboring country.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

“The signing of agreements that will commercialize Cyprus’ natural gas is a crucial step forward,” the minister stated. He noted that while discussions have long focused on exploration and reserves, the next and most critical phase—exporting gas to international markets—is now underway.

“These agreements will define how the gas reaches global markets. This process involves Egypt as the host country, the companies that have invested in the deposits, and, of course, the Republic of Cyprus, which is eager to bring its natural gas to the market,” he explained.

SEK Union Secretary General Andreas Matsas emphasized that the deal also holds strategic importance for the European Union in its push for energy independence.

Papanastasiou further stressed that revenues from natural gas and other investments will ultimately flow back into Cyprus’ economy, reinforcing the country’s financial stability and growth.

The Future Forbes Realty Global Properties

Electronic Invoicing To Become Standard For Cyprus Public Contracts

by THEFUTURE.TEAM

May 15, 2026

Enhancing Payment Efficiency

Cyprus is expanding the use of electronic invoicing for companies involved in public sector projects as part of the government’s broader digital transformation strategy. Under the new framework introduced by the Deputy Ministry of Research, Innovation and Digital Policy, electronic invoices linked to public contracts will receive priority processing, with payments expected within 20 days following receipt or approval. Authorities said the measure is intended to improve cash flow for businesses while accelerating payment procedures across the public sector.

Streamlining Bureaucratic Processes

The transition to electronic invoicing is also expected to reduce reliance on paper-based administrative procedures and simplify invoice management processes for both businesses and government departments. Digital invoicing systems will additionally support automated payment flows, reduce manual errors and improve access to archived transaction records. According to officials, the changes are designed to strengthen transparency, operational efficiency and transaction security.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Facilitating Public Sector Engagement

The Deputy Ministry is also promoting the use of an electronic invoice acceptance system via the existing PEPPOL Access Point managed by the Central Government. This integration further simplifies the invoice submission process, ensuring that public contracts are executed with both speed and reliability.

Driving A Modern, Competitive Economy

This strategic move is a crucial component of the state’s broader digital transformation agenda. By embedding cutting-edge digital procedures into public services, the government is paving the way for enhanced service delivery and a more competitive, innovation-driven market.

Key Benefits Include:

Accelerated Payments: Electronic invoices will be processed with priority, ensuring settlements within 20 days.
Reduced Bureaucracy: Elimination of paper-based processes minimizes errors and saves valuable resources.
Enhanced Transparency and Security: Secure digital archiving offers full visibility into invoice histories, fostering accountability.

With the implementation of electronic invoicing, both the public sector and private enterprises stand to gain substantial operational advantages, bolstering the country’s position in the digital age.

Breaking news