AKEL on the Final Investment Decision for the ‘Kronos’ gas field

 

28 July 2026, AKEL C.C. Press Office, Nicosia

The Final Investment Decision taken by the Eni–Total consortium to develop the ‘Kronos’ field is undoubtedly a significant development for the Republic of Cyprus.

The decision paves the way for the construction of the necessary infrastructures, though it isn’t tantamount with the start of production or immediate economic benefits. What follows is the demanding phase of developing the field and transporting Cypriot natural gas to Egypt for processing, liquefaction and export.

Compliance with timetables and the companies’ contractual obligations must now be subject to continuous and strict scrutiny by the Republic of Cyprus. The experience of many years of delays in the development of other natural gas fields demands a serious and committed approach.

This development does not dispel the concerns and critical questions repeatedly raised by experts and AKEL through public statements and letters from the General Secretary of AKEL to the President of the Republic. On the contrary, the start of the investment phase makes it even more necessary that a full institutional briefing is made on the actual timetables, the expected revenues and the overall benefit for the country.

The Government must also explain how the exploitation of these reserves will strengthen the economy and energy security, and how it will lead to a reduction in electricity costs for households and businesses.

AKEL will support any serious step leading to the beneficial exploitation of Cyprus’s reserves. The Party’s position has been, and remains, that a comprehensive strategy is needed, one which will transform the country’s natural wealth into measurable economic, social and energy benefits for current and future generations.