Nicosia, 06/07/2012 (Agence Europe) - Cyprus is planning to use offshore gas supplies to meet its energy needs and ensure sustainable finance.
Unveiling the prioirities of the Cypriot Presidency in Nicosia on Friday 6 July 2012, the Cypriot trade, industry and tourism minister, Neoklis Sylikiotis, said the gas recently discovered offshore in Cyprus was very important and the Block 12 gas deposits contained some seven billion cubic metres of gas. He said that this was a whole new source of energy and the island is planning to become an important energy centre. It is hoped that a commercial natural gas terminal can be up and running in 2019.
New source of income. Sylikiotis said the gas would provide a new source of income for Cyprus, but it was important not to use the cash simply to fill holes in the budget. He said the government was prepared to set up a National Hydrocarbon Fund because the income must be used to help future generations. Sylikiotis said it was important to ensure the gas was of benefit to both parts of the island and Cyprus wanted mixed energy supplies and would also be investing in renewable energy. (CG/transl.fl)