Papanastasiou: TAQA interested in investing in GSI and ADNOC in the Cypriot EEZ

The Abu Dhabi National Energy Company (TAQA) is interested in investing in and supporting the implementation of Cyprus' electricity interconnection, Minister of Energy, Commerce and Industry, George Papanastasiou, has said.

He was speaking to Reuters.

As stated in a Ministry press release, Papanastasiou on 26 February held meetings with TAQA executives regarding the Great Sea Interconnector (GSI) electrical interconnection project, on the sidelines of the Investopia 2025 international investment conference, which is taking place in Abu Dhabi.

In his statements to Reuters, Papanastasiou also said that the Abu Dhabi National Oil Company (ADNOC) has expressed interest in the Cypriot Exclusive Economic Zone (EEZ) and is looking for assets that are "ready to go" for exploitation.

It is noted that the Minister had confirmed to the Agency in November 2024 that ADNOC had expressed interest in the natural gas sector in Cyprus in the past.

Moreover, in a statement issued by the Ministry of Energy, it is reported that the Minister on 27 February with the Minister of Economy of the United Arab Emirates (UAE), Abdulla Bin Touq Al Marri, on the sidelines of the Investopia 2025 international investment conference.

At the meeting, which took place in the presence of the President and Secretary General of the CCI, Stavros Stavros, and Philokypros Roussounides, they exchanged views on ways to strengthen cooperation between Cyprus and the UAE, including the creation of a joint Business Council with the mandate to strengthen the economic relations between the two countries.

According to the announcement, the main topic of discussion was the proposed organisation in Cyprus, next summer, of the next edition of the Investopia conference and the topics that will attract the interest of businesses and investors, such as shipping, energy, water resources management and desalination.

The two Ministers agreed to continue the dialogue with the aim of creating a stable and productive framework for cooperation between Cyprus and the UAE.

As part of the Investopia 2025 work, Papanastasiou also participated in a roundtable discussion on "Europe's Niche Economies: Unlocking Growth in Small but Strategic Markets", during which he had the opportunity to present to those present the advantages of Cyprus as an international business center and investment destination.

(Source: InBusinessNews)