articles | 14 July 2014

Cyprus the first EU country to emerge as gas exporter

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.

Speaking at the Malta Energy Conference, Lakkotrypis also noted that a Cyprus based LNG facility could offer European consumers the maximum flexibility at competitive prices with zero transit risk.

Wrapping up the two-day conference, organized by the governments of Cyprus, Malta and the European Commission, Lakkotrypis underlined that “in the longer term, Cyprus, as the southernmost EU member state in a volatile and troubled region, has the potential to become a regional liquefaction hub and contribute to the long-term geopolitical stability, promoting peace and economic development”.

He noted moreover that energy can be a catalyst for conflict resolution and regional cooperation.

The Cypriot Minister said also that the Mediterranean area can develop into a new promising source for oil and gas supply, as well as an alternative transportation route for the EU.

“Recent gas discoveries in the Southeastern Mediterranean can have a direct positive impact on EU’s energy security and competitiveness” Lakkotrypis said, noting Cyprus’ vital role, given the recent significant natural gas discovery in its exclusive economic zone, promising prospects for further discoveries by two major European companies and the island’s excellent relations with non-EU neighbouring countries.

After Malta, the Minister will got to London, where he will take part in anti-occupation rallies, ahead of the 40th anniversary since the Turkish invasion and subsequent military occupation that has split Cyprus in two.

The highlight of events, organized by the Cyprus community living in the UK, is a rally for “human rights, peace and a free and united Cyprus”, at Trafalgar square this Sunday.

According to an official announcement, the Minister, while in the British capital, will meet with Mark Simmonds, Parliamentary Under Secretary of State, responsible - among others - for international energy. He will also take part at a round table discussion of the UK’s Oil and Gas Association and attend a working dinner in his honour by the newly established UK Cyprus Enterprise Council.

Source: Famagusta Gazette

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