Director for South East Europe in the European Investment Bank (EIB) Luca Lazzaroli said Tuesday that 20% of the loans of the European Investment Bank in 2011 were channeled to energy projects, stressing the importance of more investments in the European Energy Sector
Speaking at the Economist Conference, organized under the auspice of the Cyprus Presidency of the Council of the EU, Lazzaroli said that last year the total amount of EIB lending was 62 billion euros, of which 12.8 billion euros were channeled to projects related to energy. At the same time, he said that according to the European Commission, energy investment for the period 2010-2020 is estimated at 125 billion per year.
The energy sector, he stressed, will continue to be an important area for the EIB.
There is a great need for investment in the energy sector by 2020, which is expected to exceed 1 trillion euros for electricity and natural gas, said in his speech at the Conference, Chairman of the Cyprus Energy Regulatory Authority George Shammas.
He explained that investment worth 500 billion euros will be needed for electricity, while another 600 billion euros will be needed for the distribution.
Executive Chairman of Natural Gas Public Company (DEFA) Costas Ioannou referred to the need to create an internal market for natural gas, saying that Cyprus has an isolated energy system and is totally dependent on oil, for which the country spends about 7% of the GDP.
He added that the long-term strategic planning of Cyprus is aligned with the guidelines and the EU energy strategy, taking into account energy security, economic competitiveness and the promotion of environmental policy.
Pointing out the investment opportunities in Cyprus, he spoke about the second licensing round for natural gas exploration, the underwater pipeline or pipelines that will connect part of Cyprus’ EEZ with Vasiliko power station, the infrastructure for natural gas liquefaction and the internal network for distribution of natural gas.
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