Related Articles
Forward article link
Share PDF with colleagues

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

Also in this section
Short shrift for Gazprom’s portfolio investors
19 March 2018
The world’s largest gas producer is once more likely to ignore calls to increase dividends
Russian energy giants face contagion risk
19 March 2018
Constrained by sanctions, firms are tied to the fortunes of domestic banks
Sisi keeps a lid on
16 March 2018
Egyptians face another four years of authoritarian rule