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)

 

https://in-cyprus.com/plot-10-natural-gas-find-has-estimated-value-of-30b-to-40b/

Top Stories

T/C members of the Technical Committee on Culture resign

All Turkish Cypriot members of the Technical Committee on Culture submitted their resignation saying that the outcome of the “presidential elections” does not comply...

More than 900 signatures against Asphalt factory in Tseri

Online signing of petition for the suspension of work of a non-authorized industrial unit of asphalt located at the municipal boundaries of Tseri. The...

Private hospital postpones regular operations

Private Hospital Evangelismos in Paphos announced that due to increased demand, the number of cases provided by the framework of cooperation with the Health...

Expert expects reduction of COVID-19 cases due to measures

Even if there is a drop in the number of COVID-19 cases, this will not mean that the danger has been overcome and that...

Limassol Bishop: Holy Synod must be convened

The Bishop of Limassol Athanasios told the CNA that he is displeased with the decision of Archbishop Chrysostomos B’ to recognize the autocephaly of...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...