Saturday February 28, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus looks to move fast with gas search

A land-based facility to process Cyprus’s new offshore gas remains a top priority, but the search for additional sources of the fuel must move quickly to keep up with a rapidly shifting market, the country’s energy minister said late on Thursday.

The amount of gas inside Cyprus’s single proven field off its south coast isn’t enough to secure the billions of euros needed from investors to finance construction of the facility that authorities hope will turn the country into an alternative supplier of energy to Europe and beyond.

Energy Minister Giorgos Lakkotrypis told The Associated Press that signs of additional gas discoveries in Cypriot waters are “very promising.”

But he said it’s essential to expedite exploration so Cyprus can keep up with other potential exporters.

New sources of fuel – such as shale gas from the US – could soon reach the market, lowering prices and complicating Cyprus’s efforts to woo investors willing to back construction of the expensive facility that would liquefy the gas for easier export.

“We need to have these conditions met, which is basically to have enough gas to proceed [with an onshore facility] because we feel that’s the best strategy for Cyprus in the longer term,” Lakkotrypis said.

“But at the same time we’re keeping an eye on what’s going on in the international markets.”

Lakkotrypis said the key advantage to a liquefied natural gas plant over a fixed pipeline is that it would give Cyprus the flexibility to meet demand for the fuel anywhere in the world.

The benefits for Cyprus, which international lenders saved from bankruptcy with a painful, multi-billion-euro rescue last year, could be huge.

[AP]

ekathimerini.com , Friday May 9, 2014 (20:51)  
Piraeus plans are coming in next few weeks
Slowdown in tourism bookings from Germany
Economy grew by 1.3 pct in Q4 of last year
Gov’t plans tax on foreign-based funds
Tsipras unveils coalition´s first bills, due next week
Prime Minister Alexis Tsipras set out on Friday his government’s immediate legislative plans, while at the same time insisting he would continue to pursue debt relief and refuse to sign a th...
Berlin clears extension as lenders ramp up pressure
There was strong backing in the German Parliament on Friday for the extension of Greece’s loan agreement but reports suggested that the country’s eurozone partners would continue to keep up ...
Inside News
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
SOCCER
Ten-man Olympiakos couldn´t overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
Inside Sports
COMMENTARY
A breath of opportunity
We are still living in the Greece we know: The government is struggling to explain its retreat in the face of our creditors, the opposition (including dissidents in SYRIZA) smells blood, we ...
EDITORIAL
Give the green light
Foreign investment is a crucial component of economic recovery and Greece needs to start bringing it in fast. Instead, the government, like others before it, is scaring it off in a bid to sa...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Spanoulis leads Olympiakos to win over Malaga
2. Piraeus plans are coming in next few weeks
3. Slowdown in tourism bookings from Germany
4. Economy grew by 1.3 pct in Q4 of last year
5. Gov’t plans tax on foreign-based funds
6. BoG recommends specialized entity for bad loans
more news
Today
This Week
1. Tsipras reversal draws Greek sympathy as party rumblings rise
2. Gov't official: bill reinstating ERT, rehiring staff to go to Parlt on March 5
3. German lawmakers approve extension of bailout program for Greece
4. German MPs begin debate on extending Greek bailout program
5. Restive Bundestag to approve Greek bailout extension
6. Gov't adviser suggests Greek MPs could vote on deal in separate bills
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. Greek bailout deal faces review by euro officials next week
3. Greece says eurozone deal won time as cash bled from banks
4. The ignorance of the West about the culture of Islam
5. Spain said to lead push to hold Greece to terms as Podemos grows
6. A fierce battle looms
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.