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Cyprus News Agency: News in English, 13-09-12

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

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] Former Minister extradited to Athens
  • [02] Natural gas reserves in Cyprus' licensed blocks estimated at 39 tcf,

    KRETYK Chairman says

  • [03] DEFA terminates negotiations with Russian Itera on gas supply

  • [01] Former Minister extradited to Athens

    Former Minister of Interior Dinos Michaelides was extradited on Thursday to Athens on a European arrest warrant issued by the Greek authorities in connection with a corruption probe.

    Michaelides and his son will have to appear before a Greek court and face charges in relation to their alleged involvement in connection with a case relating to former Greek defense minister Akis Tzohatzopoulos.

    Both are wanted for alleged money-laundering offences between 1997 and 2001, when Michaelides served as Minister of Interior.

    [02] Natural gas reserves in Cyprus' licensed blocks estimated at 39 tcf, KRETYK Chairman says

    Natural gas reserves in the six licensed blocks of Cyprus' Exclusive Economic Zone are estimated to exceed 1.1 trillion cubic meters (38.9 trillion cubic feet) according to Cyprus` Hydrocarbon State Company (KRETYK) Chairman Charalambos Ellinas.

    In an article published in the Oxford Energy Forum, Quarterly Journal for Debating Energy Issues and Policies, Ellinas stresses, inter alia, that the advantageous geographic location of Cyprus - at the crossroads of major international energy routes to Europe and the Far East through the Suez Canal - makes the island a natural regional energy hub in the East Mediterranean and the natural location to develop a liquefied natural gas (LNG) plant.

    Of the possible export options, he argues that LNG provides the flexibility to serve several markets and customers, providing the strategic advantages that Cyprus needs.

    [03] DEFA terminates negotiations with Russian Itera on gas supply

    Cyprus Public Gas Company (DEFA) announced Thursday it terminates negotiations with Russian Itera with regard to a potential natural gas supply to produce electricity, the so-called "intermediate solution".

    DEFA and Itera held negotiations which led to a proposal that has been described as "not profitable."

    DEFA was to meet today with representatives of Itera who were requested to submit an improved offer. A press release issued by DEFA says that Itera had notified the Company it considers its proposal as profitable and that it would not submit an improved proposal.


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