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Cyprus and Israel Explore Energy Cooperation Amid Regional Geopolitics

by THEFUTURE.TEAM

October 15, 2024

Cyprus and Israel are entering discussions over potential energy cooperation, a move that could reshape the dynamics of Eastern Mediterranean energy production and distribution. As the global energy landscape continues to evolve, the importance of securing regional partnerships has become increasingly vital, and Cyprus is positioning itself as a critical player in these developments. Recent reports suggest that the Cypriot and Israeli governments are keen to explore how they can work together to unlock the vast energy potential of the region, particularly in the offshore natural gas sector.

At the heart of these talks is a shared interest in exploiting natural gas reserves found in the Eastern Mediterranean. Cyprus, which has made significant gas discoveries in its Exclusive Economic Zone (EEZ) in recent years, seeks to collaborate with Israel to develop these resources. Israel, for its part, has been working to establish itself as an energy exporter and could benefit from aligning with its neighbour to enhance its distribution capacity.

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However, these discussions do not occur in isolation. The Eastern Mediterranean has long been a hotbed of geopolitical tensions, particularly around energy rights. Several countries, including Turkey and Greece, have staked claims on various portions of the sea, complicating efforts to fully harness the region’s energy resources. By partnering with Israel, Cyprus may find a way to solidify its standing within this complex web of interests, potentially leading to a more unified approach to energy development in the area.

SP Global reports that talks between the two countries are still in their early stages, but there is optimism that a deal could be reached. Such an agreement would benefit not only Cyprus and Israel but also the broader European energy market. With Europe seeking to diversify its energy sources, particularly in the wake of recent energy crises, a new supply chain from the Eastern Mediterranean could help alleviate some of the continent’s dependence on Russian gas.

Moreover, any energy cooperation between Cyprus and Israel could boost investment in infrastructure projects, such as pipelines or LNG (liquefied natural gas) terminals, further positioning the region as a strategic energy hub. The potential ripple effects for local economies, job creation, and technological innovation are immense.

As these discussions progress, all eyes will be on how Cyprus and Israel navigate both the opportunities and challenges. Should they succeed, this partnership could set a precedent for how nations can collaborate on energy issues despite the complexities of regional politics.

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Industry Uproar Over Reduction in Electric Vehicle Subsidies

by News Editor

April 26, 2025

The recent move by the government to curtail subsidies for electric vehicles has stirred significant discontent among car importers in Cyprus. The Department of Road Transport (DRT) has slashed available grants under the Electric Vehicle Promotion Scheme as of April 23, leading to a rapid depletion of the subsidy pool and leaving many potential applicants disappointed.

Importers’ Concerns

According to the Cyprus Motor Vehicle Importers Association (CMVIA), the lack of transparency and failure to engage stakeholders prior to the decision have eroded trust in the government’s commitments. Importers now find themselves facing a precarious situation, with substantial stocks of electric vehicles and mounting promotional expenditures.

Public Interest and EU Compliance

Although the scheme aimed to support the transition to zero-emission transport until 2025, the DRT states that the curtailing of funds was necessary to comply with European funding terms, which warned against delays in vehicle deliveries. This decision has fueled market uncertainty despite the application portal experiencing dynamic changes.

Industry’s Ongoing Demand

The CMVIA refutes any claims suggesting waning interest in electric vehicles, underscoring the rapid exhaustion of available grants as proof of substantial demand. They highlight the importance of meeting Cyprus’s green transition targets, including putting 80,000 electric vehicles on roads by 2030.

While the total budget for subsidies saw an increase to €36.5 million in 2023, thanks to additional funding, ongoing difficulties in timely vehicle distribution have led to premature closures of applications. In response, CMVIA has called for urgent dialogue with the Minister of Transport to reassess the decision, fearing that it could endanger the future of e-mobility in Cyprus.