Alpha News

Final Investment Decision for 'Cronos' Expected in March, 'Isai' Deal to Close Within Two Months

Published February 17, 2026, 14:26

The final investment decision for the management of the 'Cronos' field is expected at the end of March, with the aim of transferring natural gas via 'Zohr' to Egypt by the first half of 2028 for processing and sale to the European market. This was stated by the Minister of Energy, Commerce and Industry, Michalis Damianou, to the Parliamentary Energy Committee. At the same time, the agreement for 'Isai' is expected to be closed within the next 1-2 months, after intensive negotiations with Israeli officials. Regarding 'Aphrodite', the final detailed design (FEED) is expected to be completed by the end of the year, with the final investment decision (FID) expected in 2027. It was pointed out that the consortium with Chevron is rapidly progressing with the construction of a production unit at the field and a subsea pipeline to Egypt, with the aim of directing natural gas to the Egyptian market. The Cypriot market is considered small and unattractive to companies. It was emphasized that Cyprus will not become a natural gas liquefaction hub due to the small size of the market. The government is considering including domestic consumption in the strategic plan, but cannot commit to anything at this time.