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Cyprus News Agency: News in English, 12-05-12

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

From: The Cyprus News Agency at <>


  • [01] Christofias: More emphasis on development
  • [02] Strong interest in 2nd licensing round

  • [01] Christofias: More emphasis on development

    Cyprus President Demetris Christofias assured Saturday the government will exhaust all means to maintain the banking sector`s robustness for the benefit of all.

    Addressing the 44th Conference of the Cyprus Union of Bank Employees, President Christofias said the government is in communication with the new Governor of the Central Bank of Cyprus, for an in depth investigation to take place as to how the Cypriot economy has reached negative developments, in a bid to take corrective measures.

    He also referred to the need for dialogue with trade union organizations, and urged them to be united for the benefit of the workers, assuring them of his support.

    The Cypriot President stressed the need for greater emphasis on development with the aim to create new work opportunities.

    "Unfortunately, the EU and the European Central Bank are dominated by a particular school of thought that focuses on austerity with tight fiscal policy and shrinking the workers' incomes,`` he said.

    He added that the Cypriot government constantly urges the European Council and other institutions to stop "the one-dimensional obsession with austerity" and to give emphasis on development, particularly in the real economy.

    ``A basic priority of the government from the beginning of the crisis is to maintain the reliability and stability of our financial system``, he said.

    He added that a priority of the government is the confrontation of the problems created by the exposure of the banks to developments in Greece, a matter which is of primary significance, as he noted. He added however that this will depend on the political developments in Greece, which as he said are not positive, at all.

    Pointing out the important role of labour relations in Cyprus throughout the years, Christofias said that is possible to improve the living standards of the working class and strengthen labour institutions, while enhancing the role of Cyprus as a regional and international business center with the greatest possible use of human resources.

    President Christofias said that the human potential of Cyprus remains a powerful advantage in the international arena and if combined with the hydrocarbons found in the Exclusive Economic Zone of Cyprus, open serious prospective and progress for the country.

    ``It takes a little patience, I must say and I think the future is specified as auspicious``, he concluded.

    In December 2011, Cyprus President Demetris Christofias announced that the results of the exploratory drilling in Cyprus` block 12 were positive, describing the discovery of hydrocarbons as historic for the island.

    US company Noble Energy, which carried out the drilling, discovered 310 feet of net natural gas pay. The drilling reached a depth of 19,225 feet in water depth of about 5,540 feet.

    The initial data that emerged from the exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf.

    [02] Strong interest in 2nd licensing round

    Fifteen bids from five companies and 10 from joint ventures have been submitted for the second licensing round concerning the Republic of Cyprus' offshore hydrocarbon reserves.

    Bids were submitted for 9 of the 12 offshore blocks, comprising the Cypriot Exclusive Economic Zone (EEZ).

    Announcing the end of the bidding process, at 14.00 local time (110 GMT), Minister of Commerce, Industry and Tourism Neoclis Sylikiotis said Cyprus received bids from 29 companies, which placed their offers either individually or as part of a consortium.

    Companies expressing interest in the second licensing round originate from 15 countries, including Cyprus. The rest of the countries are the UK, France, USA, Israel, Holland, Korea, Russia, Malaysia, Italy, Australia, Norway, Indonesia and Lebanon. Offshore blocks receiving the greatest interest are block number 9 and block number 2.

    According to the Minister, bids will be evaluated by an advisory committee, which will submit its recommendations to him. The final decision will be taken by the Cabinet within six months.

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