By Paul Tugwell and Georgios Georgiou (Bloomberg) -- Cyprus’s target to increase the contribution that shipping makes to its economy by around two percentage points over the next three years is achievable, U.S. billionaire investor Wilbur Ross said. The country needs to increase the share of the global fleet managed by companies on the island to 4.8 percent from 4 percent … [Read more...]
Cyprus Considers Eight Train LNG Export Terminal
(Bloomberg) -- Cyprus, the Mediterranean island that reported its first offshore natural-gas find in 2011, is studying an expansion of planned export capacity to help revive economic growth. The country may build as many as five liquefied natural gas production lines, or trains, in addition to a planned $12 billion, three-train terminal near Limassol, according to Cyprus … [Read more...]
Cyprus Aims to Be Mediterranean Energy Hub with New $6 Billion LNG terminal
By Michele Kambas NICOSIA, June 26 (Reuters) - Aiming for energy hub status and hoping to reboot an economy hobbled by a debt bailout - Cyprus started talks with three energy firms for the development of a liquefied natural gas (LNG) terminal. The terminal, with an estimated cost of $6 billion, will process the vast natural gas reserves off the east Mediterranean island. … [Read more...]
For Cyprus, Gaslight at the End of Tunnel?
By STANLEY REED LONDON — If there are any bright spots in the gloom surrounding the economy of Cyprus, one place to look would be about 170 kilometers south of the coastal city of Limassol. There, about 1,700 meters below the surface of the Mediterranean Sea, is a potentially lucrative natural gas field called Aphrodite. A gas rig in the Mediterranean, which … [Read more...]
Ship Managers Contribute Largest Amount in 2 Years to Cyprus GDP
(Bloomberg) -- Cyprus’s ship-management companies contributed more to the island’s gross domestic product in the first half of 2012 than they had for two years, the Central Bank of Cyprus said. Revenue from ship-management, which includes finding rental contracts and crews for vessels, rose by 2 percent to 435 million euros ($563 million), or 5 percent of GDP, … [Read more...]