articles | 16 September 2015

‘Shipping central to Cyprus’ energy goals’

Shipping is central to Cyprus’ goal to become an energy hub, Energy Minister Giorgos Lakkotrypis told Martime Cyprus delegates on the last day of the three-day conference held recently.

“Our excellent long standing relations with Israel, Lebanon, Egypt, the commitment of the president to solve the Cyprus problem along with our efforts to attract strategic investors to further develop opportunities for Cyprus’ ports are necessary ingredients in utilising this goal,” he said.

Speaking on the last day of the conference branded as ‘Game Change’ which attracted over 700 people from across the globe the subject matter on Wednesday was ‘the New World Order in Shipping’ where Lakkotrypis spoke at length on how the island could utilise several opportunities to become an energy hub.

Egypt’s expansion of the Suez Canal, Cyprus’ prime geographical location, the fact that it is a member state of the EU, its stable investment environment, the recent gas finds in the Eastern Mediterranean and geopolitical developments were all ace’s up the island’s sleeve, he said.

These developments left no doubt that politics played a large rule in maintaining a balance between supply and demand for commodities, goods and raw materials including natural gas and oil, the minister said.

“Due to recent findings of important amounts of natural gas in Israel, Egypt and Cyprus it is obvious our region is fast becoming a prospective natural gas exporter,” that could potentially supply European and Asian Markets.

Lebanon, Greece, Croatia, Montenegro and Malta could also be new players in the game, Lakkotrypis said, adding that cooperation was the key to achieving prosperity for all countries and people in the region.

“Through regional cooperation we can maximise the benefits for energy exporters and importers, ensure the safeguarding of supply and demand and create a stable and peaceful environment in the Eastern Mediterranean,” he said, which was part of Cyprus’ energy strategy.

Source: Cyprus Mail

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