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The President of the Republic of Cyprus, Nikos Christodoulides, recently met with representatives of the hydrocarbon industry operating within the country’s Exclusive Economic Zone (EEZ). The meeting focused on the exploration of hydrocarbon reserves within the island’s EEZ, with the aim of serving the domestic market and exporting surplus energy to the European Union.
The meeting was held in Paris, where the President was invited by French President Emmanuel Macron. TOTAL, a French multinational oil and gas company, was represented by a delegation led by Laurent Vivier, Senior Vice President for the Middle East and North Africa. Also present were Jean Jaylet, Vice President for North Africa, and Romain de La Martiniere, the company’s senior manager for Cyprus.
During the meeting, President Christodoulides expressed satisfaction with TOTAL’s interest in Cyprus’ hydrocarbon reserves. He emphasized the need to simultaneously exploit the deposits while serving the domestic market, which faces high electricity prices. He also highlighted the importance of exporting the surplus to the EU, given its efforts to become energy-independent.
Christodoulides’ intention is to have a joint meeting with all the companies operating within Cyprus’ EEZ to explore the possibility of collaborations that will facilitate the exploitation of available reserves, first for the domestic market and then for export to Europe.
President Christodoulides acknowledged that society has legitimate concerns and questions regarding the country’s utilization of hydrocarbon reserves. He promised that the government would address these concerns and provide specific announcements regarding energy plans in the near future.
The meeting was attended by Cyprus’ Minister of Foreign Affairs, Konstantinos Kombos, Government Spokesman Konstantinos Letympiotis, Ambassador Giorgos Siakallis, and Marilena Rauna, the Director of the Diplomatic Office of the President.
Cyprus’ hydrocarbon reserves have the potential to boost the country’s economy significantly. The government’s focus on exploiting these reserves, while simultaneously addressing concerns regarding domestic energy prices, is a positive step towards the country’s long-term economic development. With the right investment, Cyprus could become a key player in the region’s energy sector.
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