Approval of CHC’s Annual Business Plan for 2023

November 30, 2022

The Annual General Meeting (AGM) of the Cyprus Hydrocarbons Company was held on the 19th October, with the participation of the Minister of Energy, Commerce and Industry Ms. Natasa Pilides and the CHC Board of Directors focused on its objectives and plans for the coming years.

In the AGM, the Business Plan and Budget of CHC for 2023 were presented and approved. The CHC BoD in presenting the Business Plan, analyzed the pillars of its strategy which include, among others, the commercial sales of natural gas, as well as the evaluation of hydrocarbon resources in the Exclusive Economic Zone of the Republic of Cyprus and the possible options for their sustainable development.

For 2023, CHC has also included in its business plan initiatives related to green energy, which in coordination with the Ministry of Energy can further support government policies to transition to a greener economy.

The Minister expressed her thanks to the Members of the CHC Board of Directors for their ongoing efforts to direct the Company towards the realization of its important goal of developing Cyprus’ energy resources. At the same time, he emphasized the importance of natural gas in the energy transition and praised CHC contribution to regional energy initiatives, such as the Eastern Mediterranean Gas Forum.

CHC President Professor Toula Onoufriou thanked Ms. Pilidou and the Ministry on behalf of the Board of Directors for their continuous support to the Company. Ms. Onoufriou stated that CHC is working diligently for the future production of our own natural gas resources, agreeing with the Minister that natural gas is a catalyst for the energy transition. Finally, he explained that the CHC has the expertise to further contribute to the wider government goals for a greener economy by studying the potential of offshore renewable energy projects and carbon storage.