Cyprus (Thursday) signed an agreement with foreign company composed of consortium island south coastal drilling for gas.
The ministry of commerce minister Neoklis Sylikiotis said, signing bonus for ?1.5 million dollars ($2 million) into the Treasury. For the cash shortage country, only have enough money to pay salary, until march, when it hopes to get 16 countries using the euro and the international monetary fund's financial rescue plan, this is a good news.
Composition of the consortium, Italy's eni and South Korea KOGAS, authorized to drill and three segments or block, Cyprus 19700 square miles (51000 square kilometers) exclusive economic zone. 3 piece of lying above a field estimation has 5-8 trillion cubic feet (140-23 billion cubic meters).
"Found hydrocarbon created new reality and prospects, Cyprus became regional energy center," said Sylikiotis at a signing ceremony.
Eni vice President, eastern Europe, valle Rio Bracaccia industry officials say, admit that Cyprus, Lebanon and Israel held between the waters of the natural gas reserves much hope.
All parts of the country's aid, will help to ensure the long-term public finance income from gas negotiations, plug officials have been in the debate.
They hope these income can be seen as a financial guarantee, alleviate collection to the harsh conditions for ?1.7 billion euros ($2.266 billion) loan assistance to Cyprus to creditors. Economists estimate, such loans will promote the country's public debt as high as gross domestic product (GDP) of 150, too many countries to undertake.
Cyprus with the French total company is currently negotiating licenses drill in other block.
Cyprus also talk to Israel, also found that Marine natural gas reserves, how better to jointly develop the mineral reserves. A choice is pipeline gas, and Cyprus, there can be exported to Europe and the processing of outside Europe. Liquefied gas, convenient transportation, processing facilities take years to complete, and as much as possible for ?1 billion euros ($1.333 billion) cost.
But the natural gas found Cyprus, and gradually increased tensions with neighboring Turkey, does not recognize Taiwan as a sovereign state. Cyprus in 1974, Turkish invasion of Greece union supporters split after a coup.
Turkey said, internationally recognized and family plug people government in island south sea natural gas search defiant separation in the northern part of Turkish cypriots rights. Turkey last year drill in the north, but haven't found any abnormal. In 2011, Turkey sent a warship escort expedition ship Cyprus, and Turkish prime minister LeiJiePu · tower the general · erdogan warned that his government will "take revenge action more powerful" any further looking for mineral deposits around the island.
Turkey also think that Israel and Cyprus agreement is invalid, and part of the claim, Cyprus economic zone as their designated maritime boundary.



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