Cyprus and Rumania sign MoU in the energy sector

The Minister of Commerce, Industry and Tourism Antonis Paschalides signed today a Memorandum of Understanding in the energy sector with his Rumanian counterpart, Minister of Finance, Commerce and Business Environment Ion Ariton.

According to an official announcement, the MoU signed by the two sides concerns mostly the sector of Renewable Energy Sources.

Moreover, Paschalides said that the objective of the meeting was to strengthen the relationship with Rumania, while both sides agreed that there is room for further cooperation in many sectors of the economy.

He added that the MoU provides both sides with the possibility of exchanging delegations and technical know-how.

Asked to elaborate on the terms of the MoU, the Minister said that Rumania may assist in the biofuel area, while there is interest for Cypriot entrepreneurs to invest in wind parks in Rumania.

Paschalides also added that investments of Cypriot interest in Rumania, in various sectors, amount today to around 1,5 billion euros.

The Rumanian Minister said on his part that he expects Paschalides to visit his country in November, so that negotiations may continue within the framework of the existing Joint Parliamentary Committee.