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Hopes are high for Cyprus' NOC despite financial crisis

CNHC, the world’s youngest NOC, wants to turn Cyprus into a world-class natural gas hub

In the grip of a financial crisis that will probably wipe off more than 5% of its GDP in 2013, Cyprus needs a boost. Riches buried under the Mediterranean Sea offshore the island’s south coast might just be the answer. Cyprus, believes Charles Ellinas, chief executive of Cyprus National Hydrocarbons Company (CNHC), is sitting on natural gas reserves amounting to 40 trillion cubic feet (cf). It’s enough to support exports of 40 million tonnes a year of liquefied natural gas (LNG) – and rescue the island’s economy. “It’s a huge gift,” he says. “If we make Cyprus the LNG hub for the region the employment it would create would be beyond belief.”By 2025, he thinks, Cyprus’s economy, which until t

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