Cyprus will host a signing ceremony on Monday for contracts covering the construction and installation of infrastructure to develop the Kronos gas field, marking a key step in plans to transport natural gas to Egypt.
President Nikos Christodoulides will first receive Eni Chief Operating Officer Guido Brusco and a delegation from the Italian energy group at the Presidential Palace at noon.
The meeting will be followed by the signing ceremony for the engineering, procurement, construction and installation (EPCI) contracts for the Kronos project.
Eni contracts could reach $1.8 billion
According to a recent report by The Wall Street Journal, citing Reuters, Eni is expected to sign contracts worth between $1.3 billion and $1.8 billion for drilling infrastructure and pipelines linked to the offshore gas project.
The contracts cover subsea infrastructure required to extract and process natural gas and transport it to Egypt through subsea pipelines.
Cyprus has confirmed the report, with informed sources telling the Cyprus News Agency (CNA) that the project’s cost is expected to fall within the reported range.
Energy minister and international representatives to attend
Energy Minister Michalis Damianos will attend the ceremony, alongside Eni’s delegation and the contractors involved in the construction work for the Cronos gas field.
Representatives of Total will also be present, as will the ambassadors of Egypt and Italy.
The contracts concern the infrastructure needed to bring the gas from the offshore field to Egypt, where it can be processed and channelled into existing energy infrastructure.
The project forms part of efforts to develop Cyprus’ offshore natural gas resources and establish a route for supplying gas to regional and international markets.
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