Cyprus Times

Final Investment Decision for 'Cronus' Expected in March, Says Energy Minister

Published February 17, 2026, 14:08
Final Investment Decision for 'Cronus' Expected in March, Says Energy Minister

The Minister of Energy, Commerce and Industry, Michalis Damianou, announced that the final investment decision for the 'Cronus' field management project is expected in March. The goal is to transport natural gas via 'Zohr' to Egypt by the first half of 2028, for processing and sale to the European market. Intensive negotiations with Israel are also underway for the 'Isai' agreement, with completion expected within 1-2 months. Regarding the 'Aphrodite' field, 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. The consortium with Chevron is promoting a production unit at the field and a subsea pipeline to Egypt, as the Cypriot market is considered too small to absorb production.