News Local Law on fund to manage income from hydrocarbons approved

Law on fund to manage income from hydrocarbons approved

The House of Representatives on Friday adopted by a majority of 43 for and 7 against, a bill establishing a National Investments Fund which will manage future capital income from hydrocarbon reserves within Cyprus’ exclusive economic zone (EEZ).

An amendment tabled by ruling party Democratic Rally (Disy) and opposition party Akel stipulating that payments to reduce public debt can only be made if it is over 80% of GDP, was adopted with 44 votes for and 9 against.

Once the fund has capital equal to 3% of the country’s GDP then a Cyprus Organisation of Investments will be established which will be in charge of the fund’s investment policy.

According to data presented before the relevant parliamentary committee the income from the reserve found and confirmed in block 12 of Cyprus’ EEZ, are expected to range between €500 million -€600 million annually on a twelve-year horizon.

The government believes that putting in place the legislative framework for the fund is of particular importance because it sends a message that it approaches the matter of managing income from hydrocarbons in a responsible way.

ExxonMobil announced yesterday a discovery of an offshore natural gas resource of approximately 5 to 8 trillion cubic feet, in Cyprus’ EEZ block 10. It will spend the next months analysing the results of ‘Glaucus 1’ well to better determine the potential, the company said.

In late 2011, Noble Energy had announced estimated gross mean resources of 5 Tcf for the Aphrodite gas field.

(Cyprus News Agency)

Top Stories

Repeat positive cases ‘released’ three weeks from first diagnosis

The Health Ministry issued instructions on Friday on the release / ending of isolation for patients who tested positive to Covid-19 but are not...

Two new Covid cases in education and repatriations

Two new coronavirus cases were reported today by the health ministry, a drop from yesterday's eight, out of a total of 2128 tests, raising...

Minister: Back to school for 769 pupils with disabilities

  More than 760 children with disabilities who were told they could not go back to school when primary and lower secondary schools reopened last...

Police to step up checks at restaurants, cafes after weekend of ‘lack of discipline’

  Police will step up checks at restaurants and other catering establishments amid fears that distancing and other rules were being broken by customers set...

Sampling for Covid in schools continues, completed tests near 7,000

The Education Ministry said on Monday that 6,900 Coronavirus tests have been fulfilled island-wide in kindergartens, primary and secondary schools as mobile units continue...


Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...

Honey Balls

As you stroll down Onasagorou street in the old city of Nicosia and suddenly feel the need for something sweet, follow the smell of...

Octopus with Oregano

Ingredients: (Serves 4) 1 kg octopus ½ tsp dry oregano Pepper 3 tbsp olive oil 2 tbsp vinegar or lemon juice Preparation: Clean the octopus thoroughly under cold running water. Place the octopus...

Fish meatballs

In a bowl, mix the finely chopped onion and parsley. Boil the fish, cut into small pieces and add to the bowl. Add salt...