The government started the process of introducing a National Hydrocarbon Fund, Commerce Minister, Neoclis Silikiotis stated today in the international symposium “Gas and Oil Energy”, co-organized by the European University of Cyprus and the Open University of Moscow Chernomyrdin in Nicosia.
In his welcome speech, read out by a senior officer of the Ministry, Mr. Silikiotis said that the fund will be established by law and should contribute to “create conditions for economic equality and prosperity of current and future generations of Cypriot citizens”.
“The purpose of the Fund is the feedback of the hydrocarbons industry, the disposal of part of the revenues to the state budget and the saving of part of them to the benefit of future generations”, he said.
The Minister said that the government has appointed the members of the negotiating team with Noble Energy, with terms of reference the ending up to a number of agreements.
According to Mr. Silikiotis, the aim is the transfer of natural gas to Cyprus for internal consumption purposes and its commercial exploitation with its disposal to European and global markets.
At the same time, he expressed optimism that there will be agreements soon with the companies – consortia for the four EEZ plots in the sidelines of the second round of licensing.
Negotiations with ENI/Kogas consortium for plots 2 and 3, with Total/Novatek/GPB consortium for plot 9 and with Total for plot 11 are in progress.
The terminal of reception and storage of petroleum products at Vassiliko has reached the final stage of evaluation and negotiations with the preferred strategic partner bidder are expected to start soon, according to the Minister.
The government, he said, decided to take all necessary measures to have the Natural Gas Liquefaction Terminal ready by 2019.
“This project is a necessary regional energy infrastructure and will be a flexible hub for connecting the large quantities of natural gas in the wider Mediterranean Sea and to promote them to the European and global market.
Mr. Silikiotis talked about intense investor interest that “had already been manifested by large investment companies and not only”.
“This was the main reason why it was imperative to establish KRETYK, which was based on the Norwegian model and will play a dominant role in the promotion of the project”, he added.
As for the fuel storage terminal, he said that procedures are progressing.
According to Mr. Silikiotis, the project is in the final stage of evaluation of comprehensive tenders and negotiations with the preferred bidder for a consortium with COSMOS, EAC and KETAP will start soon.
The project will include storage facilities as well as facilities for its use as a transit point for the trade of the products.
Mr. Sylikiotis said that the sea area of the eastern Mediterranean may be converted into common space, offering prospects for peace, prosperity and progress in the region.
"Cyprus can and must become a bridge of peace and cooperation in the region, but also between Europe and the Middle East”, he concluded.
In his welcome speech, read out by a senior officer of the Ministry, Mr. Silikiotis said that the fund will be established by law and should contribute to “create conditions for economic equality and prosperity of current and future generations of Cypriot citizens”.
“The purpose of the Fund is the feedback of the hydrocarbons industry, the disposal of part of the revenues to the state budget and the saving of part of them to the benefit of future generations”, he said.
The Minister said that the government has appointed the members of the negotiating team with Noble Energy, with terms of reference the ending up to a number of agreements.
According to Mr. Silikiotis, the aim is the transfer of natural gas to Cyprus for internal consumption purposes and its commercial exploitation with its disposal to European and global markets.
At the same time, he expressed optimism that there will be agreements soon with the companies – consortia for the four EEZ plots in the sidelines of the second round of licensing.
Negotiations with ENI/Kogas consortium for plots 2 and 3, with Total/Novatek/GPB consortium for plot 9 and with Total for plot 11 are in progress.
The terminal of reception and storage of petroleum products at Vassiliko has reached the final stage of evaluation and negotiations with the preferred strategic partner bidder are expected to start soon, according to the Minister.
The government, he said, decided to take all necessary measures to have the Natural Gas Liquefaction Terminal ready by 2019.
“This project is a necessary regional energy infrastructure and will be a flexible hub for connecting the large quantities of natural gas in the wider Mediterranean Sea and to promote them to the European and global market.
Mr. Silikiotis talked about intense investor interest that “had already been manifested by large investment companies and not only”.
“This was the main reason why it was imperative to establish KRETYK, which was based on the Norwegian model and will play a dominant role in the promotion of the project”, he added.
As for the fuel storage terminal, he said that procedures are progressing.
According to Mr. Silikiotis, the project is in the final stage of evaluation of comprehensive tenders and negotiations with the preferred bidder for a consortium with COSMOS, EAC and KETAP will start soon.
The project will include storage facilities as well as facilities for its use as a transit point for the trade of the products.
Mr. Sylikiotis said that the sea area of the eastern Mediterranean may be converted into common space, offering prospects for peace, prosperity and progress in the region.
"Cyprus can and must become a bridge of peace and cooperation in the region, but also between Europe and the Middle East”, he concluded.
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