MONDAY, 20 JAN 2020



Facebook Linked In Twitter
Invest Cyprus 30/04-30/03/2019

UNSG's Special Representative And Head Of UNFICYP Briefs UN Security Council

Nikos Christodoulides Briefs His EU Counterparts On New Provocative Activities Announced By Turkey



brought to you by Deloitte

Yiorgos Lakkotrypis: Development of “Aphrodite” Gas Field Continues As Planned

Yiorgos Lakkotrypis: Development of “Aphrodite” Gas Field Continues As Planned

The “Aphrodite” gas field is being developed as planned, Energy Minister Yiorgos Lakkotrypis said on Monday. He added that a special agreement with Israel, regarding the regulation of the rights on the “Yishai” and “Aphrodite” reservoirs, is not a precondition for the development of the Cypriot gas field, the CAN reported.
Lakkotrypis was speaking in Nicosia, before attending the Annual General Meeting of the Cyprus Chamber of Commerce and Industry. Asked about a report in Israeli Globes and a subsequent announcement issued by the Israeli Embassy in Cyprus, the Minister said that the announcement reflects the position of the Israeli side, as conveyed during negotiations that are being held for some time now.
For the Cypriot side “the development of the ‘Aphrodite’ reservoir advances normally, as planned” the Minister added.
He said moreover that with regard to the special agreement, there is an established process which is being followed for some time now and continues.
“The most important thing I want to stress is that these two things, the development of ‘Aphrodite’ and the established process for the special agreement are not connected as far as the Cypriot side is concerned” said Lakkotrypis.
Asked if companies involved in the development of the Aphrodite gas filed are affected in any way, Lakkotrypis said that the issue of the special agreement is known for a long time “however we proceeded to concluding the agreements in November.”
Last November, Cyprus and the Aphrodite consortium signed an exploitation license and a revised production sharing contract, aiming to start natural gas production in 2025.

“As the Republic of Cyprus, we would certainly prefer to have this framework in place, to govern the operation, but I must stress that this is not a precondition to continue with the development of Aphrodite” the Minister noted.

He said that the announcement of the Israeli Embassy reflects the position of the Israeli side, which the Republic of Cyprus does not adopt.
“Our position is clear and it is reflected in the following: Either with, or without an agreement, if it is proven that there is natural gas on the Israeli side which is pumped out by our side, the Republic of Cyprus will certainly compensate the Israel side accordingly” the Minister of Energy said. He added that with or without an agreement in place, no side will abolish their rights.
Lakkotrypis said finally that the established process continues, with the two sides exchanging positions, while Cyprus will send again its positions soon.
According to Globes, Israeli Energy Ministry Director General Udi Adiri told Shell, Noble Energy and Delek Drilling that they cannot develop the Cypriot reservoir until the border dispute with Israel`s Yishai license is settled.
An announcement by the Israeli Embassy in Cyprus said moreover that the letter of the Director General of the Ministry of Energy to the consortium companies in the “Aphrodite” reservoir, reflects Israel`s position as presented in the talks between the two countries.
The Government of Israel will be pleased, at any time, to continue the negotiations with the Government of Cyprus, on the issue of regulating the rights on the “Yishai” and “Aphrodite” reservoirs, as has also been conveyed to the Cypriot side on several occasions, the announcement notes.


Cyprus Agriculture Minister To Take Part In Global Forum For Food And Agriculture In Berlin

Cyprus Minister of Agriculture, Rural Development and Environment Costas Kadis travels to ...

Cyprus Cabinet Approves National Plan On Climate and Energy 2020 – 2030

The Council of Ministers approved on Wednesday the national plan on climate and energy ...

Interior Minister Travels To London, To Discuss Brexit

Interior Minister Nikos Nouris travels to London on Wednesday to discuss Brexit issues, ...



€50 Million In Financing For Estonian Ride-Hailing Platform Bolt

The European Investment Bank (EIB) has signed a €50 million venture debt facility with the developer of ride-hailing app Bolt from Estonia. The financing ...

Nikos Christodoulides Briefs His EU Counterparts On New Provocative Activities Announced By Turkey

Cyprus Foreign Minister Nikos Christodoulides attends on Monday the EU Foreign Affairs Council during which he will have the opportunity to brief his EU ...

Do You Know Your Rights Well Enough in Order to "Escape"?

Consumer rights at your fingertips, with a colorful Escape the Room comes to Cyprus for only two days! An impressive Escape the Room arrives in Nicosia for ...

UNSG's Special Representative And Head Of UNFICYP Briefs UN Security Council

UN Secretary General’s Special Representative in Cyprus and Head of the UN peacekeeping force on the island (UNFICYP), Elizabeth Spehar, briefs on Monday ...

Leptos Kamares Village: A Floral And Herbal Paradise

In the midst of winter, “Leptos Kamares Village” reveals its abundant beauty. Flowers, plants and fauna that can only be found in Cyprus invite you ...

Panayiotis Panayi Makes Partner With Chelco VAT

Panayiotis is a seasoned professional with over 10 years of experience in VAT advisory and compliance services. An Associate Chartered Accountant (ACA) and a ...

DP World Limassol Increased The Number Of Cruise Vessels Since Take Over

DP World Limassol has had constructive dialogue with the Minister of Transport Communications and Works today. The meeting provided an opportunity to present ...

WISTA Cyprus Holds 7th AGM: Empowering Women On Top Of The Association’s Agenda

WISTA Cyprus held its 7th Annual General Meeting and elections, at Columbia Plaza Venue, Limassol. The Agenda of the AGM included an address by President ...