SUNDAY, 19 AUG 2018

 

CONNECT

Facebook Linked In Twitter
INB_1000_Eng_03/08-15/11_728x90px
GloriaJeans_266x90px
IMH LTD

Turk Telekom to Cooperate with Vestel after Erdogan Call to Snub iPhone

Stephen Lillie: There Is No Plan B for The Cyprus Problem

IMH LTD
INB_1000_Eng_03/08-15/11_468x60px

ECONOMY

Cyprus to Continue Efforts Even If No Significant Gas Reserves Are Found Soon

Cyprus to Continue Efforts Even If No Significant Gas Reserves Are Found Soon

Cyprus will not close its hydrocarbons chapter in the event that no significant gas reserves are found in its Exclusive Economic Zone (EEZ) during the forthcoming drillings, Toula Onoufriou, Chairwoman of the Board of the Cyprus Hydrocarbons Company (CHC), has said.
 
Speaking on Friday to journalists during the presentation of the work of the CHC, which is the National Oil and Gas Company of Cyprus, Onoufriou said that even if no significant reserves are found soon, the hydrocarbons chapter will not close, and noted that ‘we must continue to support and strengthen our efforts". She referred to the example of the Zohr gas field offshore Egypt, where several drillings took place before achieving the desired outcome, the Cyprus News Agency reports.

Onoufriou also said that even with smaller quantities, either of Cyprus or in cooperation with the countries in the region, the necessary infrastructure can be built and they can address themselves to the markets that can make the best use of them.

In addition, she pointed out Cyprus’ important role in bringing together the countries of the region and support an effort that would be to the benefit of Cyprus but Europe as well.

‘Cyprus has the potential to become a center of knowledge, know-how, education and innovation research and this is something to which it has to invest’, she pointed out.

Meanwhile, CHC Director General Panos Kelamis said that the sector opens up great opportunities for the government, the private sector and the academic community, noting that each and every one of them can contribute to the efforts.  Energy, he pointed out, is linked with economic prosperity and more jobs.

Replying to questions, Kelamis said that Egypt is the best trade deal that Cyprus can proceed with at the moment, but noted that at the same time more options are being examined.

During the presentation of the CHC’s work since its establishment in 2014, it was said that the significant reduction in the cost for the development of the Aphrodite gas field in Cyprus’ EEZ, by almost one billion euro is only one example of the achievements of the CHC in the last years.

At the same time it was said that significant progress has been made as regards the agreement with the companies in Egypt.
 
According to its website, the CHC’s vision is optimum exploitation of hydrocarbons reserves present in the Exclusive Economic Zone of the Republic of Cyprus in order to maximize the benefits for the Cypriot society and for future generations.

The company’s vision is compatible with the policy established by the Council of Ministers.   

As a state-owned company, CHC has the mandate to act as the technical and commercial arm of the Government of Cyprus on matters relating to exploration, production and monetization of Oil and Gas reserves from the Exclusive Economic Zone of Cyprus.

MORE ON ECONOMY

Local Beer Consumption And Beer Exports Increase In July

Local beer consumption and beer exports from local breweries increased in July 2018, ...

Prodromou Says Realistic To Expect A GDP Growth Rate Of More Than 4% For 2018

Government Spokesman Prodromos Prodromou has said that the Statistical Service`s ...

Georgiades: The Growth Rate of 3.9% Proves The Hard Work of our Productive Forces

Cyprus Economy has recorded 3,9% of growth rates in the second quarter of 2018, according ...

FROM AROUND GOLDNEWS

   

Stephen Lillie: There Is No Plan B for The Cyprus Problem

There is a clear plan A for Cyprus, that of a bi-zonal, bi-communal federation solution, and there is no plan B, UK High Commissioner in Nicosia, Stephen ...
   

Euro Area International Trade in Goods Surplus €22.5 bn

Euro area According to Eurostat, the first estimate for euro area (EA19) exports of goods to the rest of the world in June 2018 was €198.6 billion, an ...
   

House of Fraser Cancels Online Orders and Refunds Customers

House of Fraser is cancelling all online orders and refunding thousands of customers potentially millions of pounds, after a dispute with its warehouse ...
   

Turk Telekom to Cooperate with Vestel after Erdogan Call to Snub iPhone

Turkish fixed-line operator Turk Telekom has said that it clinched a cooperation deal with Vestel after President Tayyip Erdogan called on Turks to use ...
   

New Motorola Phone Is Identical to The iPhone X

Smartphone brand Motorola has been criticised for revealing a "shameless" copy of the iPhone X as its new model, the BBC reports. Many ...
   

GOLD Magazine: The Legal Issue

Over the last decade, Cyprus has succeeded in becoming recognised as an international business centre, in particular thanks to his excellent professional ...
   

Cyprus Records €1.9bn Trade Deficit For January - June 2018

According to Eurostat, the first estimate for euro area (EA19), exports of goods to the rest of the world in June 2018 was €198.6 billion, marking an increase ...
   

New Poseidon Villa Collection Opens at Aphrodite Hills Resort

Aphrodite Hills Resort has recently opened their new, luxury Poseidon Villa Collection. According to Luxury Travel Magazine, properties range from ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Invest Career 19/04-26/08
Gold_Issue_300x250px

IMH LTD