Cyprus’ Minister of Energy, Commerce, Industry to QNA: HH the Amir’s Visit to Cyprus Is Key Factor in Continuing to Strengthen Bilateral Relations

Nicosia, HE Minister of Energy, Commerce, and Industry of the Republic of Cyprus George Papanastasiou stressed the importance of HH the Amir Sheikh Tamim bin Hamad Al-Thani's visit, considering it an essential factor for further enhancement of bilateral relations between Cyprus and Qatar, building upon the excellent results of HE Cypriot President Nikos Christodoulides' visit to Doha in November, 2023. In his remarks to News Agency , Cyprus' Minister of Energy, Commerce and Industry said, "Cypriot authorities are planning to present to our Qatari guests investment prospects in various sectors of our economy, such as energy, technology, and tourism." The Cypriot Minister highlighted the multifaceted cooperation between the two countries, involving the hydrocarbons' exploration activities in the Exclusive Economic Zone (EEZ) of the Republic of Cyprus. QatarEnergy has a 40 percent share in Blocks 5 and 10 of the EEZ and together, with their partners ExxonMobil have already been very successful in Block 10, maki ng in 2019 the "Glaucus" natural gas discovery, His Excellency noted. "In the hydrocarbons' sector, Cyprus is working closely with the ExxonMobil and QatarEnergy consortium, which is planning to proceed with new exploration activities in Blocks 5 and 10 in the near future, whilst also working on the development of the "Glaucus" discovery," he said, adding that "the high quality of the discovery has also been confirmed by an appraisal well in 2022. Hopefully, the consortium will enjoy similar success in their upcoming exploration activities in Block 5." His Excellency noted that Cyprus has significant potential for further cooperation in renewable, noting its energy green energy export potential, adding that the country invests heavily in clean energy between neighboring countries and regions and has some of the highest potentials for renewable energy in Europe for solar generation. "Further cooperation could be explored for the Great Sea Interconnection project. This is a project that is expected to termina te Cyprus' energy isolation, increase energy security in the Eastern Mediterranean, and encourage the development and export of clean energy to both Cyprus, Greece, and the rest of the European Union (EU)," HE Cypriot Minister said. Commenting on trade volumes, the total trade in goods between Cyprus and Qatar has recorded an impressive increase of 504 percent between 2023 and 2022, jumping from 8.2 million euros to 49.2 million euros. This is due to the increase in total imports of goods from Qatar to Cyprus, which rose from 0.8 million euros in 2022 to 41.8 million euros in 2023. The main products imported from Qatar in 2023 were petroleum oils, 35 million euros (83 percent of the total), and acyclic ethers, 6 million euros (14 percent of the total). Regarding domestic exports of goods from Cyprus to Qatar, these have decreased slightly, from 4.4 million euros in 2022 to 4.1 million euros in 2023. The main products exported from Cyprus to Qatar in 2023 were pharmaceuticals, 2 million euros (48 percent of the total), dairy machinery, 0.8 million euros (21 percent of the total), and fire extinguishers, 0.4 million euros (10 percent of the total). In addition to the above, the trade of services between Cyprus and Qatar has also increased for the period 2021 to 2022 (based on Eurostat figures). Specifically, total exports of services from Cyprus to Qatar have increased from 3.4 million euros in 2021 to 6.4 million euros in 2022, an 88.2 percent increase. Total imports of services from Qatar to Cyprus have also increased from 1.2 million euros in 2021 to 3.8 million euros in 2022, a 216.7 percent increase, His Excellency said. (MORE) Source: Qatar News Agency