Cyprus seals $1.8 bn deal to develop first commercial gas project

Key points

• Cyprus has signed contracts worth up to $1.8 billion with Italian energy provider Eni to develop the island's first commercial gas project. Production is slated for 2028, in partnership with France's TotalEnergies.
• The Cronos field is estimated to hold more than three trillion cubic feet of natural gas. Gas will be sent to Egypt for processing and liquefaction, then mainly exported to European markets.
• President Nikos Christodoulides called the deal a decisive step toward using the country's natural wealth.