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President Christodoulides and Chevron reaffirm support for the ‘Aphrodite’ project

by THEFUTURE.TEAM

September 29, 2024

The President of the Republic Nikos Christodoulides and the Vice President of Chevron, the managing company of the field, Frank Cassulo, have reaffirmed their support for the development of the “Aphrodite” liquified natural gas field in Cyprus’ EEZ.

According to an announcement by the Presidency, in his statement, Government Spokesman Konstantinos Letymbiotis said that, during his time in New York, President Christodoulides met with a delegation of the US giant, led by the Vice President of the company.

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“The President of the Republic and the Vice President of the company reaffirmed their support for the ‘Aphrodite’ project, a project of strategic importance both for the energy planning of Cyprus, the wider region, but also for the company itself,” Letymbiotis said in his statement.

He also noted that “in the next period, with the road map that has been drawn up through a specific taking of actions and steps, the relevant Ministry of Energy and the Chevron company will proceed to be in close coordination and close cooperation for this strategically important project.”

The meeting with President Christodoulides took place after the joint statement of the Ministry of Energy and the US company, following their meetings in Nicosia, to hold discussions over the next four months “in order to seek a consensual arrangement that ensures the development of the ‘Aphrodite’ field without further delays,” as the Minister of Energy George Papanastasiou had stated.

The consortium that holds the license to develop the field had announced that it had filed an amended development and production plan for ‘Aphrodite’, worth $4 billion, with the Ministry of Energy on 2 September.

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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.