Gas revenues proposed to fund pensions: DIKO prepares new bill

The Democratic Party of Cyprus (DIKO) announced that the first bill the party will introduce to the new parliament will be an initiative to direct natural gas revenues to support the pension system and the social insurance fund.

The statement followed the government's decision to approve the gas sales agreement from the Cronos field. Party leader Nicolas Papadopoulos stated that DIKO proposes to amend current legislation and abandon the existing model, under which gas revenues are reserved until the resolution of the Cyprus problem.

Instead, the party proposes to invest the incoming funds immediately after the start of extraction — following the example of the so-called “Norwegian model”. Under the initiative, the returns from investments should be used to finance pensions and strengthen the social insurance system.

According to Papadopoulos, if developments are favorable, natural gas exports from the Cronos field could begin as early as the first half of 2028. In the medium term, this field alone is capable of bringing hundreds of millions of euros in revenue to Cyprus.

DIKO recalled that there are at least three other larger fields in Cyprus's exclusive economic zone that are also planned for development.

The party emphasizes that future revenues from the energy sector must directly benefit society. In particular, DIKO believes that gas funds could form the basis for increasing the sustainability of the pension system and improving the standard of living for elderly citizens.