Decision on natural gas supply for Cyprus in coming weeks

Minister of Commerce, Industry and Tourism Antonis Paschalides has said that in the coming weeks the government will decide on the supply of Cyprus with natural gas.

The Minister added that the government’s decision will take into consideration Cyprus’ public interests.

In statements on the sidelines of the 2nd International Bicycle Tour of Larnaka, the Minister said that the political situation in Egypt will not affect Cyprus’ decision on how to exploit its hydrocarbon reserves in its Exclusive Economic Zone.

He explained that the government of Cyprus has already signed an agreement with Egypt on their Exclusive Economic Zones and there exists an excellent cooperation between the two countries.

“Within the next few weeks and provided we have all data before us, we will be able to make the wisest decision on the matter which will be to the public interest”, he went on to say.

Asked about Qatar’s investment in Nicosia the Minister expressed conviction that when this investment begins, more projects from Qatar and other neighboring countries will follow.

Cyprus and Qatar signed in April 2010 two agreements and four memoranda of understanding, covering sectors such as air services and the creation of a joint venture for a project opposite Hilton Hotel in Nicosia, including a five-star hotel, a shopping mall, offices and apartments.

The agreements and memoranda were signed at the Presidential Palace in Nicosia during official talks between delegations of Cyprus and Qatar, headed by President Christofias and the Emir of Qatar.