The recent discovery of natural gas reserves, as well as the establishment by Vitol partners of a major energy storage hub near Limassol, have created new opportunities for companies such as Vasiliko Terminal Services, a sister company of Lavar Shipping.

Hellenic Bank recently confirmed reports that it is in talks with the European Bank of Reconstruction and Development (EBRD) over a stake in Hellenic’s share capital.

Cyprus aims to attract Chinese high tech giants to invest in the first science and technology park in Pentakomo, on the southern coast of the island, while the two countries are working to promote bilateral cooperation between universities, academic institutions and companies.

Finance Ministry Permanent Secretary Christos Patsalides and Vietnam’s Deputy Foreign Minister Bui Thanh Son have agreed that a double taxation agreement would be beneficial to both countries.

The nationalised Cooperative Credit Institutions' (Coops) debt collecting capacity from the Non-performing loans book is very good, a Coop official said recently.

Cyprus Trading Corporation Plc (CTC) named Marios Shacolas as its new Executive Chairman and CEO in an announcement on the Cyprus Stock Exchange (CSE) recently.

Cyprus and Egypt have said that they are proceeding with a natural gas deal providing for the purchase of a yet unspecified volume of Cypriot gas by Egypt.

The Co-operative Central Bank recently unveiled two new lending products, designed to promote energy conservation in homes and businesses.

The Cyprus Investment Firms Law 144(I)/2007 provides the legal framework for the provision of investment and ancillary services as well as specific provisions regarding capital requirements, the establishment of branches, authorization and supervision of Cyprus Investment Firms (CIFs).

Its commitment to continue exploration in Cyprus was strong, said ENI recently, and good synergies could be created as Cyprus' gas could find it way to Europe through the company’s facility in Egypt.