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Favorable for TTE due to visible LNG growth, diversification of European gas supply, and upside from Block 6 potential; execution risk remains but is mitigated by leveraging Egypt’s infrastructure.
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TotalEnergies and Eni have taken the Final Investment Decision for Cronos, Cyprus’ first gas development, linking Cypriot gas to Europe through Egypt's Damietta LNG. Cronos targets a 500 Mcf/d plateau (about 2.8 Mtpa LNG) with 2028 start-up, and TotalEnergies will market half of the LNG (1.4 Mtpa). The project leverages Egyptian infrastructure and could unlock further Block 6 resources, boosting TotalEnergies’ LNG portfolio toward its 2030 goal of 60 Mtpa.
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