In his address to the the third annual general meeting of the Cyprus Oil and Gas Association (COGA) in Nicosia, Demetriades said “A whole new industry will be established in Cyprus to meet the needs of offshore activities,"  adding that foreign shipping companies are expected to relocate their offices and operations on the island, in order to explore the benefits of the emerging East Mediterranean offshore market.

He also said that Cyprus can develop into an important energy centre in the Mediterranean. Government policy, he added, will include Cyprus’ future maritime transport needs for hydrocarbons.

The goal is to consolidate and further develop the country’s role in world shipping and to provide adequate conditions for the sector’s sustainable growth, he concluded.

The geostrategic and economic prospects of hydrocarbon discoveries for the Cypriot economy were discussed during the meeting where Defence Minister Christoforos Fokaides highlighted the security issues at stake.

Natural gas reserves in the eastern Mediterranean have a greater impact on the wider region, he said, noting the potential for investments and shared benefits among the countries interested in securing a stable environment for the exploitation of their natural wealth.

This is an open prospect for Turkey as well, in case of a Cyprus settlement, Fokaides noted.

Marios Tsiakkis, the Secretary General of the Cyprus Chamber of Commerce and Industry (KEVE) noted the Chamber’s efforts in highlighting Cyprus’ energy profile, in order to promote the country into an energy hub of the southeastern Mediterranean.

He welcomed the initiatives of President Anastasiades for regional alliances with Greece, Egypt, Israel, Jordan and others, aiming to ensure a smooth exploitation of the natural wealth and upgrade Cyprus, both politically and geostrategically, as well as economically.

Source: Financial Mirror