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Energy Minister Outlines Vision for Cyprus: AI, Renewable Storage, and Gas Field Developments

by THEFUTURE.TEAM

November 11, 2024

In a detailed presentation of the Ministry of Energy’s 2025 budget, Cyprus’s Energy Minister Giorgos Papanastasiou highlighted the nation’s strides towards energy efficiency and cost reduction through renewable storage and cutting-edge AI-driven fuel monitoring. Cyprus now produces nearly as much energy from renewable sources as from conventional means, but challenges remain in fully leveraging this capacity.

Papanastasiou reported that Cyprus’s wind and solar energy output has reached around 950 megawatts, nearly rivalling the 1,500 megawatts from conventional sources. Yet, only 20% of the renewable energy potential is currently utilized, a limitation he hopes to address with robust storage systems. He announced that a 150-megawatt hybrid storage system proposal will soon be presented to the Cabinet, followed by a competitive tender.

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“Utilizing a mix of low-emission conventional power and expanded renewable storage could bring significant energy savings, especially for households and businesses,” Papanastasiou stated.

AI System to Track Fuel Prices, Set for Year-End Launch

Papanastasiou also shared details on an AI system aimed at monitoring fuel prices to prevent sudden hikes. The Consumer Protection Agency, which will oversee the system, has completed the acquisition phase, and the AI-powered tool is expected to launch by year-end.

“This advanced system, leveraging machine learning, will enable the Consumer Protection Agency to closely track and analyze abrupt price fluctuations,” Papanastasiou noted.

Additionally, Papanastasiou announced plans for e-Kalathi, a digital price-comparison platform set to go live in time for the holiday shopping season. The platform will undergo a brief pilot phase to ensure a smooth public rollout.

Accelerated Progress for Key Gas Projects

In the area of hydrocarbon exploration, the Minister provided updates on Cyprus’s Exclusive Economic Zone, notably the “Kronos” gas field. Operated by Italy’s ENI, “Kronos” is in the fast-tracking phase, with an imminent development and production plan expected. Papanastasiou explained that the extracted gas will be processed in Egypt, leveraging facilities at Egypt’s Zohr field, with first production expected by mid-2027.

For the “Glaucus” field, managed by ExxonMobil in Block 10, Papanastasiou reported that the company plans to initiate two drilling projects in early 2025. The results from these explorations will determine if “Glaucus” will operate independently or in coordination with “Kronos.”

Finally, for the Chevron-operated “Aphrodite” field, discussions are underway to finalize an updated development plan. The field, which holds an estimated 4.5 trillion cubic feet of natural gas, is targeting a final development agreement by mid-January 2025 to ensure timely project milestones.

Vision for 2025: Efficiency and Economic Resilience

Papanastasiou’s strategic vision for Cyprus’s energy sector emphasizes both sustainable advancements and economic stability, with an ambitious focus on lowering energy costs while expanding renewable infrastructure. As the nation moves towards a more resilient energy framework, these initiatives mark pivotal steps in aligning with global sustainability goals and regional energy security.

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

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Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.