Cronos Gas Field Pipeline Set to Bring Cyprus's Energy to European Shores

A new pipeline project in the East Mediterranean aims to bring gas from Cyprus to Europe for the first time, according to Energy Minister Michael Damianos. The Cronos gas field off the Cypriot Coast is expected to supply over three trillion cubic feet of gas to the continent.

Construction on the pipeline will begin later this year and take up to 18 months to complete. The project involves building a pipeline from the Cronos field to Egypt's Zohr natural gas deposit, 65 miles away. From there, the gas will be conveyed to Egypt's Damietta processing facility where it will be liquified and transported to Europe by boat.

The EU has committed £562 million towards the project, with Cypriot consumers contributing almost 63% of the expense, totaling around £1.17 billion. This pipeline is seen as the cheapest option for transporting gas from Cyprus to Europe.