Cyprus’ positions on EU energy plan

Energy supply security, oil reserves and energy projects have been discussed at the EU Council of Ministers for Energy meeting.

Cyprus was represented at the Council by Permanent Secretary of the Ministry of Commerce, Industry and Tourism Efstathios Hamboullas.

During the meeting, Hamboullas welcomed the new proposed measures for compulsory storage of strategic oil reserves as well as the Commission’s announcement regarding measures to secure natural gas supply.

He also noted Cyprus’ reservations regarding the proposed increase in the level of oil reserves and the economic cost this may bring.

The Ministers of the member states discussed the selection criteria for energy projects. These projects will receive 3.75 billion euro as part of the European Economic Recovery Plan.

Hamboullas noted Cyprus’ disagreement regarding the allocation of the amount and asked to be redistributed based on geographic factors and the degree of energy dependence of EU member states on extraneous factors.