Diko proposes using natural gas revenue to fund social insurance

Nikolas Papadopoulos, president of the Diko party, announced plans to submit legislation to the new parliament following the upcoming elections. The proposal aims to utilize revenue generated from natural gas extraction in Cyprus' exclusive economic zone to bolster the national social insurance fund and pensions. Under the plan, revenue from the Kronos gas block will be invested rather than saved for post-Cyprus problem resolution scenarios, drawing inspiration from the Norwegian model. Officials estimate that if operations proceed as planned, natural gas exports will commence in the first half of 2028. This move is expected to generate hundreds of millions of euros in revenue from the Kronos site alone. Papadopoulos highlighted that three additional major deposits within the exclusive economic zone remain available for future exploitation. The party maintains that this legislative change is essential for ensuring pensioner dignity and improving household financial conditions. Current regulations stipulate that such funds must be preserved until a political solution for the division of Cyprus is reached, a requirement Diko seeks to amend.