Nat­gas finds cre­ate ‘a whole new in­dus­try’

Financial Mirror (Cyprus) - - FRONT PAGE -

There is grow­ing in­ter­est on the part of in­vestors for the Li­mas­sol port ten­ders, due to the new chal­lenges of hy­dro­car­bons, Trans­port Min­is­ter Mar­ios Deme­tri­ades said in his ad­dress to the the third an­nual gen­eral meet­ing of the Cyprus Oil and Gas As­so­ci­a­tion (COGA) in Ni­cosia

“A whole new in­dus­try will be es­tab­lished in Cyprus to meet the needs of off­shore ac­tiv­i­ties,” Deme­tri­ades said, adding that for­eign ship­ping com­pa­nies are ex­pected to re­lo­cate their of­fices and oper­a­tions on the is­land, in or­der to ex­plore the ben­e­fits of the emerg­ing East Mediter­ranean off­shore mar­ket. He also said that Cyprus can de­velop into an im­por­tant en­ergy cen­tre in the Mediter­ranean. Gov­ern­ment pol­icy, he added, will in­clude Cyprus’ fu­ture mar­itime trans­port needs for hy­dro­car­bons.

The goal is to consolidate and fur­ther de­velop the coun­try’s role in world ship­ping and to pro­vide ad­e­quate con­di­tions for the sec­tor’s sus­tain­able growth, he con­cluded.

The geostrate­gic and eco­nomic prospects of hy­dro­car­bon dis­cov­er­ies for the Cypriot econ­omy were dis­cussed dur­ing the meet­ing where De­fence Min­is­ter Christo­foros Fokaides high­lighted the se­cu­rity is­sues at stake.

Nat­u­ral gas re­serves in the east­ern Mediter­ranean have a greater im­pact on the wider re­gion, he said, not­ing the po­ten­tial for in­vest­ments and shared ben­e­fits among the coun­tries in­ter­ested in se­cur­ing a stable en­vi­ron­ment for the ex­ploita­tion of their nat­u­ral wealth.

This is an open prospect for Tur­key as well, in case of a Cyprus set­tle­ment, Fokaides noted.

Mar­ios Tsi­akkis, the Sec­re­tary Gen­eral of the Cyprus Cham­ber of Commerce and In­dus­try (KEVE) noted the Cham­ber’s ef­forts in high­light­ing Cyprus’ en­ergy pro­file, in or­der to pro­mote the coun­try into an en­ergy hub of the south­east­ern Mediter­ranean.

He wel­comed the ini­tia­tives of Pres­i­dent Anas­tasi­ades for re­gional al­liances with Greece, Egypt, Is­rael, Jor­dan and oth­ers, aim­ing to en­sure a smooth ex­ploita­tion of the nat­u­ral wealth and up­grade Cyprus, both po­lit­i­cally and geostrate­gi­cally, as well as eco­nom­i­cally.

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