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Cyprus News Agency: News in English (PM), 97-09-03

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Cyprus Stock Exchange
  • [02] President Clerides to propose future moves
  • [03] New power station ready by 2003

  • 1530:CYPPRESS:01

    [01] Cyprus Stock Exchange

    Nicosia, Sep 3 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
    CSE All Share Index                    78.53 (+0.83)
    Highest: 82.46 (2/1/97)
    Lowest : 73.90 (30/1/97)
    Sectural Indices
    Banks                                  88.83 (+0.79)
    Approved Investment Companies          65.81 (+0.75)
    Insurance Companies                    56.67 (-0.11)
    Industrial Companies                   79.83 (+2.27)
    Tourist Industries                     66.55 (+0.67)
    Commercial Companies                   47.46 (+0.00)
    Other Companies                        61.16 (+0.05)
    Trading Volume                         CYP 1326814.826
    * The difference in brackets represents the percentage increase (+) or decrease (-) of the index from the previous stock exchange meeting.
    CNA AP/1997

    [02] President Clerides to propose future moves

    Nicosia, Sep 3 (CNA) -- President Glafcos Clerides "has concluded on various actions which must be taken to handle both the Cyprus problem and the Republic's European Union (EU) accession course," Government Spokesman Manolis Christofides announced today.

    He added that President Clerides will brief political leaders on his proposals during a meeting of the National Council, top advisory body to the President on the Cyprus question, scheduled for September 15.

    Christofides noted that this is the reason for which the President called the meeting, where "further handling and actions (for a solution to the Cyprus problem) will be discussed" he said, but refrained from elaborating.

    Asked if President Clerides shares the view that efforts for a Cyprus settlement are now going through a more difficult phase, the Spokesman said they are embarking on a "very critical course."

    However, he pointed out this does not mean that the Cyprus question is in a more difficult situation today than it was in the past.

    The Spokesman added "what we have always been facing is Turkey's intransigence and expansionist policy as well as Denktash's intransigence and secessionist policy."

    Christofides announced that the new US State Department Special Coordinator for Cyprus, Thomas Miller, will visit Nicosia on September 12, whereas the American President's Special Emissary, Richard Holbrooke, is expected in November.

    He added that the UN Secretary-General's Special Advisor for the Cyprus problem, Diego Cordovez, who had chaired the two rounds of direct talks between President Clerides and Turkish Cypriot leader Rauf Denktash held in the past two months, is expected to visit the island in October or November.

    The talks came to a deadlock because of Denktash's refusal to negotiate a settlement if the EU does not postpone accession talks with Cyprus, early next year.

    However, both the UN and the government of Cyprus have stressed that the UN-led efforts for a comprehensive settlement continue.

    CNA KN/MA/AP/1997

    [03] New power station ready by 2003

    Nicosia, Sep 3 (CNA) -- By the turn of this century a new power station currently under construction, that will operate on heavy fuel oil, will be completed satisfying Cyprus' electricity needs until the years 2020 - 2025.

    The construction of the plant in Vassiliko, on the south coast of the island, is expected to be completed by the year 2003, at a cost of 400 million Cyprus pounds (one Cyprus pound is about 2 US dollars).

    By 2003, when the new power station will be fully operational, it will comprise six units, totalling a capacity of around 740 megawatts (MW).

    Briefing reporters today, director of Electricity Authority of Cyprus (EAC), Andreas Hadjipaschalis, said "the new power station will allow EAC to satisfy increasing demand in electricity on the island."

    It was described as the biggest and most important project ever undertaken by the Republic and will meet strict European Union environmental guidelines.

    The first phase of the oil-fired power station is expected to be completed by November 1999 and the second by February 2000, with a total capacity of 260 MW.

    Chairman of EAC board of directors, Costas Constantinides, said "environmental studies based on European Union standards have been carried out" and assured that "the area's natural environment will in no way be damaged."

    He also assured that for the time being construction costs will not entail an increase in the price of electricity.

    CNA MK/MA/AP/1997
    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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