Removal the state’s fuel storage facilities from the Larnaca coast came a step closer recently after the cabinet decided to move its strategic reserves to Vassiliko and also deciding to denationalise the state fuel storage company (KETAP).

The European Central Bank (ECB) recently expressed its readiness to assist Cypriot authorities in their effort to resolve the banking sector’s remaining problems.

The Central Bank of Cyprus (CBC) granted on 4 July 2014 an approval to the Russian Bank Zenit (Open Joint Stock Company) to establish and operate a representative office in Cyprus, as CBS announced recently.

The Bank of Cyprus (BoC) recently announced the operation of a new webpage set up to list properties under the lender’s ownership that are for sale.

Bank of Cyprus is expecting to complete its capital issuance procedure by October 2014, according to a confidential information leaflet distributed to potential investors.

Hermes Airports recently announced the operation of new routes to and from Cyprus, as well as an increase in the frequency of flights on existing routes.

Credit card expenditure for June 2014 showed a 5% increase in the use of local plastic for purchases in Cyprus, as well as a 7% drop in the use of cards abroad compared to the same month last year, data by clearing agency JCC showed.

Cyprus might become the first EU member state to emerge as a LNG exporter and realize the concept of an Eastern Mediterranean Gas Corridor, Energy Minister Giorgos Lakkotrypis said recently.

The troika of international lenders return to the island on July 15, 2014 for a fifth review of the country’s economic adjustment programme.

US interest in the natural gas reserves in Cyprus’ Exclusive Economic Zone (EEZ) has increased as a result of the Ukraine crisis, which has led Washington to seek alternative options for natural gas supply.