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  • 31 July 2019 This is the new Mortgage Policy Beneficiaries Boards

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  • 31 July 2019 Continuation of previous article This is the new Mortgage Policy Beneficiaries Boards

    Ministry of Foreign Affairs: Government's aim is to produce 'affordable housing' read more

  • 22 July 2019 Massive rise in new home construction

    The number of building permits authorised for the construction of new homes... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

  • 8 August 2019 New criteria for passport scheme

    New criteria for those wishing to obtain a Cyprus passport through the much... read more

  • 31 July 2019 This is the new Mortgage Policy Beneficiaries Boards

    Ministry of Foreign Affairs: Government's aim is to produce 'affordable housing' read more

  • 31 July 2019 Continuation of previous article This is the new Mortgage Policy Beneficiaries Boards

    Ministry of Foreign Affairs: Government's aim is to produce 'affordable housing' read more

  • 22 July 2019 Massive rise in new home construction

    The number of building permits authorised for the construction of new homes... read more

The giant BG gets 35 percent of the Aphrodite

   

Nicosia: The exceptional and multifaceted importance for Cyprus agreement between the US Noble and the British giant BG announced a few moments ago while in New York Stock Exchanges and the London both companies for acquisition by BG 35% rate (70%) of Rights of Noble Energy in Block "12" of the Cyprus EEZ and substantially lode "Aphrodite". Simultaneous announcement is made ​​at this time and in Nicosia, with a statement of the Minister of Energy Lakotrypi George in the President. The 35% of the rights of Noble, was placed on the BG versus $ 165 m. and the agreement is subject to approval of the treaty by the Cabinet in Nicosia. Something is certain he estimated that this agreement brings multiple benefits for Cyprus. In fact with this development, the distribution of rights "Aphrodite" is as follows: Noble Energy 35%, BG 35%, Delek-Avner 30%. The 'management' remains in Noble. First, it involves directly the gas buyer and interests - iBG is the principal owner of the terminal liquefaction in Itkou Egypt - with those of development ore 'Venus'. The BGme now essential role interests in 'Venus' s interest to expedite the development of the deposit and the sale of natural gas, as it will ensure critical quantities needed by the terminal. It is recalled that the other terminal liquefaction of Egypt, that in Damietta, belongs to the EMI which It has the rights to exploit the ore - mammoth "Zor" and others in Egypt. Second, through the presence of giant an important part of the huge funds - in the order of € 2.5 billion to € 3 billion needed for the development of the deposit after 35% of these funds will ensure the BG. Securing this huge capital, will help other companies - Noblekai Delek - less physical displacement, to ensure the required by their funding at a time when both sources are almost shut down due to low oil prices, and investments in the field are minimized. Third, it is now directly on the geopolitical map of the region also includes the British interests more directly. The BGeinai an energy giant with a strong presence in 20 countries on 5 continents, producing about 680,000 barrels of oil or equivalent per day of hydrocarbons, with turnover approaching the Gross National Product of Cyprus, with 5,000 employees. Recall that a few months ago by Shell submitted a takeover bid BGenanti of € 70 billion. Experienced observers note that such a "practice" can not be complete without at least sounded out the British Government and the complainant to acquire Shell. Fourth, the "Venus" and more generally in the Cypriot EEZ, now involved a giant with enormous financial and technical capabilities and resources, with serious political displacement. With the announcement of NobleEnergykai BG in New York Stock Exchanges and the London, it becomes apparent that it was irrelevant to this and travel - Lightning last October's Energy Minister successively in Houston London, nor the reports of the Government representative month ago imminent "in a month" serious developments, nor the President of the Republic last Wednesday, for significant developments over the "next few days". Recall that BG since last September with visits to Cyprus and meetings in Egypt, in dialogue with the Ministry of Energy and mainly the SRM on the issue of securing the quantities of "Aphrodite" for the terminal at Itkou. Speaking at the Presidential Palace, Mr. Lakkotrypis reported that informed the President Nikos Anastasiadis, noting that needs such a request submitted to the Cabinet for approval. In addition, the Council of Ministers needs the positive recommendation of the Advisory Committee on Hydrocarbons. Mr. Lakkotrypis said that "this is a very breakthrough, which indicates and a vote of confidence in the Cypriot EEZ, the prospects, from a company with tremendous technical and commercial economic scope ". It also brings technical and commercial interests of the deposit" Venus "with Egypt, once by BG Company group is manager and owner of the terminal for liquefying natural gas in `INTRON added. Asked if there was interest from other companies, the Minister said that there was interest, adding that Noble has always tried to allocate a share of its share due to capital must be spent on the development of the deposit Venus later identified around 2-3 billion. He added that "it was very important to have a third partner who could share this capital expenditure for development" and noted that "it is customary practice, the potential buyer of gas to participate in activities and have similar example in the Cyprus EEZ on cuts 2,3 and 9 with administrator ENI and participates, with a low rate of 20%, the Kogas. If a discovery then Kogas will be a potential buyer. To a question he said that discussions are ongoing and if there is approval of the Cabinet may take part in discussions and BG and may be other ideas for speeding up the process for development of the deposit Venus . Asked to say how benefits from this development, the Cyprus Republic, Mr. Lakkotrypis said that "in fact a commercial agreement between companies. It is very important for the Republic of Cyprus by bringing the commercial interests of Venus with our objective which is the arrival of natural gas in Egypt. Following the discovery of Zohr encountered some questions in regard to the attempt of gas release in Egypt. With this move, which was announced today on the London and New York, we come one step closer to the exploitation of Venus. "Asked if the current trend gives new direction to the place where and in terms of Israel, the Minister said that" it is known that Israeli stocks intended, at least in the first phase for the purchase of Egypt. Beyond what should follow, even for us after this current positive development, will be the trade agreements should be concluded between the companies. And in this direction are discussions in this context. "Asked what the next step said that" trade agreements between the companies. On one of the licensees in block 12 together with the Company Hydrocarbons Cyprus, representing the state in such cases, and on the other are the potential buyers in the Egyptian market. "To a question he said that they excluded any company, noting that" Discussions are both two liquefaction terminals and the internal market of Egypt. After my return from Cairo was clear that there is a need for the internal market of Egypt. By extension, any agreements attach will concern trading conditions. "Invited to say about the prospects to EMI-Kogas companies and Total interested in those adjacent to the Zohr pieces, Mr. Minister said that" the prospects after discovery Zohr is promising. "Asked also said that tomorrow the President will have a meeting with a delegation from Total. Asked about talks with Israel in technocratic level as to whether extending the deposit Venus Israeli EEZ, said "institutionalized a process with regard to these discussions. We will continue tomorrow and day after tomorrow in Nicosia at technical level. The two countries have exchanged geological elements which each side has been processed and tomorrow will become the technical discussion on the basis of the agreed process. "Asked he said that" our direction to get natural gas to Europe is through terminals liquefaction of Egypt. To this end, our efforts and the current development is a significant step in that direction. "He writes: Peter Theoharidis / philenews - See more at: http://www.philenews.com/el-gr/oikonomia-kypros/146/287348/anakoinosi-vomva-o-kolossos-bg-apokta-to-35-tou-afroditi#sthash.g5IDxmWw.dpuf