DOCSLIB.ORG

PAFILIA UPDATE Newsletter SPRING.Indd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
PAFILIA UPDATE Newsletter SPRING.Indd update SPRING 2012 CHINA EYES CYPRUS LNG PLANT China’s third largest national oil company, CNOOC (China National Offshore Oil Corporation) has pre- sented to Cyprus its plans for the construction of an LNG plant to process and export the now confi rmed offshore hydrocarbon reserves. Commerce Minister Praxoulla Antoniadou announced that a senior del- egation from CNOOC met on the 02.03.12 with the ad hoc ministerial committee handling energy issues to Dear valued clients and partners, present their views on how to proceed with an LNG terminal in Cyprus. Though not going into detail, the minister said that the government made it clear to the Chinese that the Cypriot state should have control over a possible national oil company. The CNOOC Group is a state-owned oil company, fully owned by the The Spring 2012 edition of Pafi lia update offers a government of the People’s Republic of China. It has become China’s dominant producer of liquefi ed natu- comprehensive overview of the latest news, devel- ral gas in recent years, and is the fi rst company to bring LNG to China, with the completion of its Dapeng LNG Terminal in Guangdong. In June 2005, CNOOC made an all-cash $18.5 billion offer to buy American opments and events on the island. As you will see, oil company Unocal Corporation, topping an earlier bid by ChevronTexaco. It subsequently withdrew its bid, Cyprus is showing strong signs of growth, fuelled citing political tension inside the United States. by the huge gas discovery, government incentive packages and high-value international invest- ments. These exciting developments coupled with Pafi lia’s highly attractive current property prices offer the perfect time to invest. CHINA EYES CYPRUS LNG PLANT CYPRUS COULD BECOME ENERGY BRIDGE - WORLD’S LONGEST POWER CABLE PLANNED TO REAP GAS RICHES SECOND LICENSING ROUND Last month, Cyprus launched a second licensing round for 12 blocks in its offshore Exclusive Economic CHINESE LARNACA Zone, excluding the prospect in which Noble tapped a sizeable reserve last year. Interior Minister Neoklis Silikiotis announced that the effi cient establishment of a national oil company is a high priority for the AIRPORT INVESTMENT government, adding that several companies have expressed an interest in the licensing round. He went on to say “we shall set up a corporation which will be the strategic partner of all the companies and will be involved in matters of local infrastructure as well as the distribution of natural gas to the world mar- SIGNED ket.” The Cypriot delegation presented the second licensing round during APPEX (American Association of Petroleum Geologists Prospect and Property Expo) which took place in London between the 6th and 8th March 2012. In addition, Foreign Minister Erato Kozakou-Markoullis visited Norway on the 5th March for offi cial talks with Norway’s State Secretary Mr. Per Rune Henriksen at the Ministry of Petroleum and Energy regarding a possible cooperation in the fi eld of hydrocarbons. TITLE DEED ISSUANCE Pafi lia is pleased to announce that it will issue title deeds for all properties on Alithea, Konia Gardens, Tala Gardens and Melissa Villas this March. CYPRUS COULD BECOME ENERGY BRIDGE WORLD’S LONGEST POWER CABLE PLANNED TO REAP GAS RICHES Israel and Cyprus began a feasibility study on 04.03.12 for the construction of an underwater electric cable between the two countries that could ensure their energy security and offer Israel a channel to export energy to Europe.The Israel-Cyrpus leg, with an estimated cost of half a billion euros ($660 million), would eventually be part of a much longer cable continuing to Greece and from there to the pan-European electricity grid. If approved, the EuroAsia Interconnector will stretch 1,000 kilometers (600 miles) in total at a maximum depth of 2,000 meters, making it the most ambi- tious project ever of its kind, said Nasos Ktorides, chairman of DEH Quantum Energy. Ktorides signed a memorandum of understanding in Jerusalem with his partner, state-owned Israel Electric Corp (IEC), to begin the feasibility study that should be completed by year end. The cable itself will take three years to build. Quantum En- ergy is comprised of Greece’s PPC, Cyprus’s Quantum Energy and Bank of Cyprus. Israel Energy Minister Uzi Landau has promoted building the submarine cable that will carry 2,000 megawatts in both directions, allowing Israel to sell electricity when production is high and have a back-up when reserves drop. CHINESE LARNACA AIRPORT INVESTMENT Hermes Airports Ltd, the consortium operating and managing Cyprus’ two airports, has confirmed re- ports that it is negotiating a sizeable investment with an undisclosed Chinese company pertaining to the construction of exhibition showrooms and a logistical service centre at the old Larnaca airport build- ing. Airports’ spokesman Adamos Aspris, announced that the consortium has signed a memorandum of understanding with the Chinese company following months of “discreet talks”. The MoU will “pave the way for more substantive talks” between the two parties, with a view to achieving “one of the larg- est investments ever made in our country,” commented Aspris. Adding, the Chinese company’s pro- posal involves the creation of a large commercial showroom for Chinese products as well as a logistical services centre. “The logistical centre will be based at the old Larnaca airport, and will constitute the bridge linking China to Europe, Africa and the Middle East”. The value of the investment is rumoured to be in the region of €1 billion. The project is expected to create hundreds of jobs and increase visitors to the island, including the managerial staff of the companies showcasing their products. Larnaca Mayor Andreas Louroudjiatis welcomed the news, commenting “the old airport area definitely needs to be developed and it can contribute to the town’s growth”. He also commented, that the Larnaca munici- pality is ready to help in all ways possible to reach a positive conclusion, including easy procedures to settle legal aspects. “This is why we created a specific committee at the municipal council that involves promoting investments,” Louroudjiatis explained. “We want to send out the message that it is time for Larnaca to achieve the growth that it deserves.” NEW FLIGHTS RUSSIAN DUMA FROM RUSSIA RATIFIES THE The Cyprus Tourism Organisation (C.T.O) has announced that seven additional Russian airports, Perm, Arkhangelsk, Kemerovo, Tyumen, Chelyabinsk, Omsk CYPRUS-RUSSIA and Nizhny Novgorod, will commence flights to Cyprus during 2012. Nine oth- er Russian federation airports, Moscow, Saint Petersburg, Yekaterinburg, Ufa, Rostov, Novosibirsk, Kazan, Krasnoyarsk and Samara, already operate flights to the island. The 16 cities are located on both European Russia and Asian PROTOCOL Russia’s West Siberian plain, and include some of the most populous cities in the region. Head of the Cyprus Tourism Organisation, Alecos Orountiotis, The Cyprus Investment Promotion Agency (CIPA) welcomed the ratification commented that “the Russian market is a major priority for us”, continuing, of the amending Protocol to the Cyprus-Russia Double Tax Treaty of 1998, “we hope to have over 400,000 tourists from Russia in 2012”. The Russian which removes Cyprus from the so-called Russian “black” list. The ratifica- market accounts for the second largest number of tourists arrivals to Cyprus, tion, which was announced on 15th of February 2012 by Russia’s State Duma, with the largest market remaining the UK. will become effective from 1st January 2013. This positive development cre- ates new opportunities for Russian investors for the use of Cyprus compa- nies and funds as a gateway to Europe, Asia and Africa. The signed protocol will help Cyprus to attract new Russian outbound investments, while pro- viding substantial business benefits to its existing Russian investors. CIPA highlighted that Russia maintains the top position in the list of countries with foreign investments in Cyprus. The ratified agreement highlights a very attractive infrastructure and favorable pre-conditions for collaboration with international companies originating from Russia. The Cyprus Investment Promotion Agency announced that it will continue its efforts in actively sup- porting similar initiatives, which will further improve the business environ- ment of Cyprus and enhance the overall image to attract foreign direct in- vestments. CANADA’S TRIPLE FIVE CONSIDERS INVESTMENT IN CYPRUS BANKING, PLANS ENERGY AND TOURSIM TO EASE Triple Five Group, a finance and development company, is considering investing in Cyprus, said Nader Ghermezian, chairman of the Canadian firm. The group, which owns Peoples Trust, a Vancouver-based Bank, may invest an unspecified amount in energy, tourism, banking and government bonds, Ghermezian told reporters in Nicosia on 14.03.12. According to press reports, negotiations have INVESTMENT reached an advanced stage and representatives of the company will finalise de- tails of the scope of its investment within days. With respect to banking, there “are three options for us,” which include opening a branch of its bank on the east Mediterranean island, opening a new bank, or “to make an arrangement with a REGULATIONS local bank so that we can bring more investment” to Cyprus, Ghermezian said. The chairman of Triple Five commented that the group is already in talks with Plans to turn the Cyprus Investment Promotion Agency (CIPA) into a ‘one-stop-shop’ the Central Bank of Cyprus, which is in charge of issuing banking licenses. His with the aim of bypassing bureaucracy and making it easier for foreigners to invest in the group may contribute to the development of the energy industry of Cyprus, which announced in December its first natural gas discovery. island in order to increase overall investments, have advanced, with President Demetris Christofias announcing that he will promote the proposal to the cabinet during March.
Load more

Recommended publications
  • PROGRAMMA 2014 Enteliko
    rd CYPRUS 2014 energy The Contribution of Cyprus to the 27 - 28 March 2014 3symposium New European Energy Strategy Hilton Park Nicosia 19:30 - 20:00 Gathering for the Formal Dinner ● Professor of Economic Geography and Geopolitics (Department of Turkish and Modern Asian Thursday, 27th of March 2014 Studies) at the National and Kapodistrian University of Athens, Dr. Ioannis Mazis 20:00 - 21:00 Keynote address and speeches by: ● Deputy Head International Activities, Depa S.A. Greece, Μr. Dimitrios E. Manolis � ● Chairman of IENE, Mr. Ioannis Hadjivasiliades ● President of Kassinis International Consulting Company, Mr. Solonas Kassinis � ● CEO of fmw financial media way, Mr. Joseph Joseph ● President of J&P – AVAX S.A. Energy & Industrial Projects S.A., Mr. Marios Patsalides ● President of the CCCI, Mr. Phidias Pilides ● Μanaging Director Energy Practice Marsh Ltd London, Mr. Paul T. Nicholson ● Managing Director KPMG, Μr. Andreas K. Christofides ● CEO of VTT Vasiliko Ltd, Mr. George Papanastasiou ● President of the Republic of Cyprus, Mr. Nicos Anastasiades 13:30 - 14:30 Lunch break 21:00 Formal Dinner of the Symposium 14:30 – 15:30 3rd SESSION (Electricity) The operation of the electricity market under 08:00 – 09:00 Registration Friday, 28th of March 2014 the new liberalised regime 09:00 – 11:00 1st SESSION (Introductory Session) Coordinator: Member of IENE’s Executive Committee, Mr. Costas Theophylaktos Speakers: Coordinator: Head of Communication & Promotion of fmw finacial media way, Mrs. Christiana Koutsoulli ● General Manager of the EAC, Mr. Stelios Stylianou Short greetings by: ● General Managment of WARTSILA Greece, Mr. George Livanos ● President of the House of Representatives of Cyprus, Mr.
    [Show full text]
  • Egypt's Electricity Deal with Cyprus, Greece
    Egypt’s electricity deal with Cyprus, Greece brightens energy outlook Egypt has signed an electricity interconnection framework agreement with Cyprus and Greece to establish a subsea cable called the EuroAfrica Interconnector linking the three countries. The agreement was signed on May 22 by EuroAfrica Interconnector Limited CEO Nasos Ktorides and chairman of the Egyptian Electricity Transmission Company Sabah Mohamed Mashal. According to the project developer, EuroAfrica Interconnector Limited, the 2,000-megawatt cable will be connected from Egypt to continental Europe via Cyprus, making Egypt an energy hub for Africa and link it to the European continent. The cable will run from Egypt to Cyprus, from Cyprus to Crete and from Crete to Attica in Greece. Ioannis Kasoulides, chairman of the Strategic Council of the EuroAfrica Interconnector, said in a statement following the signing ceremony, “With the historic signing agreement between EuroAfrica Interconnector and the Egyptian authorities, the first major electricity interconnection project linking Africa with Europe has been realized.” “Cyprus now becomes a major hub for the transmission of electricity from Africa to Europe, and Egypt establishes itself as a regional energy hub for the transmission of electricity from Africa to the Arabian peninsula,” Kasoulides stated, adding that with the signing of this agreement, Egypt’s national grid will be connected to Europe’s electricity system. “This historic project is of great importance to Egypt’s strategic plan for economic development and energy security, and the EuroAfrica Interconnector is connecting Egypt to the European electricity network through Cyprus. Egypt will be an important electricity and energy partner for the European Union,” Egyptian Minister of Electricity Mohamed Shaker told a press conference following the signing of the deal.
    [Show full text]
  • Balkan Green Energy News
    BALKAN JANUARY 2016 GREEN ENERGY NEWS The most comprehensive coverage of green energy news from the Balkans Content Interview 03 Features 06 Serbia 20 Kosovo* 27 Montenegro 28 Croatia 30 Slovenia 32 Bosnia and Herzegovina 33 Romania 37 Bulgaria 40 FYR Macedonia 42 Greece 43 Cyprus 44 Albania 47 Turkey 49 Region/EU 53 Events 57 INTERVIEW Aleksandra Tomić President of the Committee on the Economy, Regional Development, Trade, Tourism and Energy at the National Assembly of the Republic of Serbia Energy development stands above politics Countries in the region, and generally in Europe, have strained budgets because of economic and political difficulties, so investments in green energy can be spurred through public–private partnership, Aleksandra Tomić, President of the Committee on Economy, Regional Development, Trade, Tourism and Energy at the National Assembly of Republic Serbia, told Balkan Green Energy News. She is also the President of the informal Serbian Parliamentary Energy Policy Forum. „Serbia doesn’t have a budget developed enough to suddenly open its capacities through feed-in tariffs and state guarantees, or the electric power system, but we can do it gradually, with a long-term, strategic approach,“ Tomić said. How much are you satisfied with the support for green energy and energy efficiency in the 2016 budget? Unfortunately we still don’t have a proper feed-in tariff, as funds are scarce. On the other hand, we are unsatisfied because there are still no capacities installed. I think the new legislation on spatial planning and construction solved the problems which accumulated for years. I think activities will pick up soon, as permits are much easier to obtain.
    [Show full text]
  • October 2017 1
    1 OCTOBER 2017 1 2 The EuroAsia Interconnector A Bridge of Friendship and Prosperity Unitizing Networks The EuroAsia Interconnector offers the creation of a reliable energy transfer alternative for Europe, extending the energy market beyond its borders. It is a major energy infrastructure project aiming to establish itself as one of the most ambitious interconnector schemes. Furthermore, being the first energy bridge between Europe and Asia it unifies electricity networks in the two continents. The electrical systems of Israel, Cyprus and Greece (via Crete) will be connected through sub-marine High Voltage Direct Current (HVDC) cables of capacity in the order of 2000 MW. Voltage Source Converter (VSC) stations will be located in each terminal in order to aid in assimilating the power into the respective countries in the form of alternating current. The complexity resulting from the great depth and long distances as well as the nature of the link will put into practice the latest technological advancements when it comes to cable and electrical infrastructure developments. 2 3 Project History and Key Drivers The Perception of the Idea While the Mediterranean region displays a great diversity of cultures and populations it nevertheless is a place of convergence. Furthermore, the energy sector in this geographical area has a high degree of interdependence both for electricity and gas. It is thus incomprehensible for Cyprus to remain electrically isolated from the rest of the European Energy Network as an energy island, similar to Israel and Crete. Adding, the EU’s Renewable energy directive sets a binding target of 20% final energy consumption from renewable energy sources by 2020 and for that reason each member country has to adopt action plans for the implementation of changes to meet these targets.
    [Show full text]
  • Biography Nktorides
    Nasos Ktorides First Cyprus Goodwill Ambassador of UNICEF Nasos Ktorides is a solid exponent of the belief, “if you can dream it then you can achieve it”. From an early age, he manifested his independence in what is achievable. He attempts to take the roads less travelled, without being confined to tried and tested solutions or secure boundaries. His activities extend primarily beyond Cyprus and embrace the sectors of energy and banking. He founded the Commercial Bank of Greece in Cyprus and served for seven years in the position of Executive Vice-Chairman. Since the year 2000, he focuses on investments in the energy sector in Southeast Europe through strategic investments in hydroelectric and thermal units with five power plants of installed capacity 1422 MW connected to the Pan- European electric network. From the position of the CEO of EuroAsia Interconnector he has been actively working towards the strategic upgrade of Cyprus in the international energy arena. His business philosophy derives from the values of honesty, integrity, altruism, a systematic approach to work and, above all, from highlighting the positive, be this related to his colleagues or projects on which he works. Nasos Ktorides also believes that it necessary to reciprocate the gift of life with love towards our fellow human beings. For this reason in 2008 he formalized his longstanding altruistic activities with the establishment of a not-for-profit, philanthropic fund, the Athanasios Ktorides Foundation. A recent significant project of the Foundation is the support of the “Heroes Photovoltaic Park”, the largest in Cyprus, with 10 MW of power on the land of the University of Cyprus.
    [Show full text]
  • Euroasia Interconnector on the Right Track Studies Will Be Completed by the End of the Year
    Meeting of the Steering Committee 23 / 04 / 2012 EuroAsia Interconnector on the right track Studies will be completed by the end of the year The EuroAsia Interconnector energy bridge, is an ambitious and unprecedented project, yet attainable. The working groups have been set up and undertook their responsibilities under a specific timetable. The technical and financial studies go according to plan, and will be presented to the Governments of Israel, Cyprus and Greece by the end of the year. These were the main outcomes of the Project Steering Committee at its first meeting, which was held on Monday, April 23rd, 2012 in Nicosia. The key objective of the meeting was to define the key areas of the feasibility study and the organisation of its implementation. Present at the meeting, were senior executives of all involved agencies and government regulators who constitute the Steering Committee. More specifically, the following participated at the meeting: - Israel Electric Corporation (I.E.C.), with a 4 member delegation headed by Dr. Yakov Hain, Senior Vice President, Engineering Projects & Business Development. - The Electricity Authority of Cyprus (EAC), with a 9 member delegation headed by its General Manager, Dr. Stelios Stylianou. - ΔΕΗ-Quantum Energy, headed by the initiator of the project and Chairman of the organization Mr. Nasos Ktorides and the Director Mr. George Killas. - The Independent Power Transmission Operator S.A. of Greece, led by Dr. Athanasios Koronides, Director. - The Transmission System Operator - Cyprus, led by Director Dr. Christos E. Christodoulides. - The University of Cyprus, led by Dr. Elias Kyriakides, Assistant Professor in the Department of Electrical and Computer Engineering KIOS Research Centre.
    [Show full text]
  • Electrical Supply and Demand in Cyprus
    Faculty of Engineering and Physical Sciences School of Mechanical, Aerospace and Civil Engineering Electrical Supply and Demand in Cyprus: Optimal use of Renewable Energy Sources in Electricity Production Written by: Christos Kettenis, 8113949 Supervised by: Dr. Rodger Edwards Temporarily Supervised by: Dr. Paul Watkins Dr. Ruth Wood Dr. Sarah Mander PhD Thesis 2016 Table of Contents Table of Abbreviations............................................................................................... 6 List of Equations ........................................................................................................ 7 List of Figures .......................................................................................................... 10 List of Tables ........................................................................................................... 14 Abstract .................................................................................................................... 17 Declaration ............................................................................................................... 18 Copyright Statement ................................................................................................ 19 Acknowledgements .................................................................................................. 20 Chapter 1: Introduction ........................................................................... 21 Section 1.1: Problem statement .............................................................................
    [Show full text]
  • Press Release
    PRESS RELEASE Egypt President El-Sisi fully endorses EuroAfrica Interconnector “electricity corridor” in historic meeting NICOSIA: November 20, 2017 – The President of Egypt, Abdel Fattah El-Sisi, gave his full support and commitment to the 1619 km sub-sea EuroAfrica Interconnector cable that will connect the electricity grids of Egypt, Cyprus and Greece with Europe. President El-Sisi made his declaration during a historic meeting with the Chairman and CEO of the EuroAfrica Interconnector, Nasos Ktorides in Nicosia, during his official state visit to Cyprus. “President El-Sisi gave his full support to the EuroAfrica Interconnector, a bi- directional 2,000 MW electricity link that will make Egypt part of the European electricity network,” during the meeting of the CEO of EuroAfrica Interconnector with the Egyptian leader and government officials from Cairo. This historic meeting with President El-Sisi is a major development in the EuroAfrica Interconnector because it will transform Egypt and Cyprus into an electricity hub between Africa and Europe. “President El-Sisi gave his full endorsement for the necessary and timely approval of the project by the government of Egypt so that it can be completed within 36 months,” Ktorides said after presenting the President of Egypt with a route map of the EuroAfrica Interconnector electricity cable. The 2,000MW cable will be connected from Egypt to continental Europe via Cyprus, Crete and Attica in Greece. The meeting between El-Sisi and Ktorides follows the memorandum of understanding that was signed in Cairo on February 6 where the Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, highlighted the importance of the submarine electric cable as part of Egypt’s strategic plan for economic development and energy security.
    [Show full text]
  • SOUTHEASTERN EUROPE at a GLANCE” Is a Weekly Review of the Most Significant Current Political, Economic, Energy, Defense, and Security News of Southeastern
    NOVEMBER 20 – 26, 2017 – ISSUE 1 SOUTHEASTERN EUROPE AT A GLANCE SOUTHEAST EUROPE DIRECTORATE PROVIDING KNOWLEDGE TO THOSE WHO SHAPE THE FUTURE “SOUTHEASTERN EUROPE AT A GLANCE” is a weekly review of the most significant current political, economic, energy, defense, and security news of Southeastern Europe. It covers 14 countries; Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Former Yugoslav Republic of Macedonia (FYROM), Greece, Kosovo, Moldova, Montenegro, Romania, Serbia, Slovenia, and Turkey. However Greece enjoys its own weekly review for a more detailed presentation of its current affairs (GREECE AT A GLANCE). This ambitious newsletter aspires to become an informative “tool” for anyone who is interested in the region and wishes to have knowledge of the non-stop current developments and challenges. “HERMES” Institute is not a news agency and it is not one of its ambitions to become one but it is strongly believed that today’s events provide the necessary material to understand the future and to analyze situations that may affect in peace, stability, and growth of the region. “HERMES” I.I.A.S.GE “HERMES” Institute of International Affairs, Security & Geoeconomy (“HERMES” I.I.A.S.GE) is an independent, non – governmental, non – profit organization, consisting of scholars dedicated in the research and analysis of international affairs in regional and global level. The Institute aims at providing objective, scientific, and reliable research analysis through a variety of studies contributing effectively and constructively in the public dialogue and the evolution of scientific knowledge. Copyright © 2017 “HERMES” Institute for Foreign Affairs, Security & Geoeconomy All rights reserved ALBANIA: November 20th, Albanian include a contingent of Special Forces.
    [Show full text]
  • Cyprus: Energy Bridge Between Europe and Asia
    PRESS RELEASE Historic Announcement Cyprus: Energy Bridge between Europe and Asia An underwater electric cable will link the countries of Israel, Cyprus and Greece. Thus, a golden age has been inaugurated in which Cyprus emerges as the first energy bridge between Europe and Asia. This was the momentous announcement notified by PPC - Quantum Energy at a gathering of technocrats, state officials and media representatives on Monday, January 23rd. This project, at an implementation cost of approximately €1.5 billion, is particularly attractive for the Republic of Cyprus since the full funding is assumed by PPC-Quantum Energy. The project will be amortized over a period of 1500 days from the day of operation, and revenue over the life of the project is expected to reach €17.5 billion. The 2000 MW capacity, the 540 nautical miles of cable length and the maximum depth of 2000 metres which it is expected to reach, render the whole venture the most far-reaching electrical connection in the world to date. "Israel, Cyprus, Greece. Three countries of our planet, all of whose welfare depends on the development of their energy potential," stated Mr. Nasos Ktorides, President of PPC-Quantum Energy, who subsequently announced the launch of the energy bridge under the distinctive name of “EuroAsia Interconnector”. Specifically, the cable will link Israel, Cyprus, Crete and the Peloponnese, providing a connection to the pan-European electricity grid. Thus, the three signatory countries gain energy efficiency and independence and the export of electricity to countries with a deficit on their energy balance. Member of the Board of Directors of PPC - Quantum Energy, Mr.
    [Show full text]
  • Press Release
    PRESS RELEASE Trilateral Summit declares official support to ‘timely implementation’ of EuroAsia Interconnector Nicosia, May 15, 2018 - The EuroAsia Interconnector, the official EU project developer of the 2,000MW electricity interconnector between Israel, Cyprus Crete – Attica, Greece and Europe, has welcomed the political support of the three leaders of Cyprus, Israel and Greece, as announced in the official declaration of the fourth Trilateral Summit held in Nicosia on April 8. The three leaders – President Nicos Anastasiades of Cyprus, Prime Minister Benjamin Netanyahu of Israel and Prime Minister Alexis Tsipras of Greece – gave their full support to the timely implementation of the EuroAsia Interconnector, a leading project of common interest (PCI) of the European Union that will interconnect the electricity grids of Israel, Cyprus, Crete and Attica in Greece with the EU system. “We thank the three leaders for their exceptional support to the EuroAsia Interconnector, which establish a secure ‘electricity highway’ between Asia and Europe,” said CEO Nasos Ktorides. “We are grateful to the European Commission that has been a constant supporter throughout the project, from its inception to the current stage. We are working intensively for the timely implementation for the interconnection Israel-Cyprus- Crete–Attica to be implemented following the obligations and commitments undertaken by the PCI EuroAsia Interconnector Project Promoter”. Project Director Mr. George Killas added. https://vimeo.com/269474064 ABOUT THE EUROASIA INTERCONNECTOR The EuroAsia Interconnector, a leading Project of Common Interest (PCI) of the European Union, comprises the electricity interconnection between the grids of Israel, Cyprus and Crete-Attica, Greece (Europe) through a subsea DC cable and with HVDC onshore converter stations at each connection point, with a total capacity of 2000MW.
    [Show full text]
  • Egypt's Electricity Deal with Cyprus, Greece Brightens Energy Outlook
    Egypt’s electricity deal with Cyprus, Greece brightens energy outlook Egypt has signed an electricity interconnection framework agreement with Cyprus and Greece to establish a subsea cable called the EuroAfrica Interconnector linking the three countries. The agreement was signed on May 22 by EuroAfrica Interconnector Limited CEO Nasos Ktorides and chairman of the Egyptian Electricity Transmission Company Sabah Mohamed Mashal. According to the project developer, EuroAfrica Interconnector Limited, the 2,000-megawatt cable will be connected from Egypt to continental Europe via Cyprus, making Egypt an energy hub for Africa and link it to the European continent. The cable will run from Egypt to Cyprus, from Cyprus to Crete and from Crete to Attica in Greece. Ioannis Kasoulides, chairman of the Strategic Council of the EuroAfrica Interconnector, said in a statement following the signing ceremony, “With the historic signing agreement between EuroAfrica Interconnector and the Egyptian authorities, the first major electricity interconnection project linking Africa with Europe has been realized.” “Cyprus now becomes a major hub for the transmission of electricity from Africa to Europe, and Egypt establishes itself as a regional energy hub for the transmission of electricity from Africa to the Arabian peninsula,” Kasoulides stated, adding that with the signing of this agreement, Egypt’s national grid will be connected to Europe’s electricity system. “This historic project is of great importance to Egypt’s strategic plan for economic development and energy security, and the EuroAfrica Interconnector is connecting Egypt to the European electricity network through Cyprus. Egypt will be an important electricity and energy partner for the European Union,” Egyptian Minister of Electricity Mohamed Shaker told a press conference following the signing of the deal.
    [Show full text]