News for today's 2018

BROKE CYPRUS COULD BE ENERGY TRUMP CARD FOR EUROPE

<br /> <br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVTTRDoHsTEr2PK-_oa8-HiEtPyQHFn_4bjKT2okBUD2RTdl5Ch5dJHougK0W9rx3GkND_jCUJ0NLUyHiZ72K9XXnot5zGSpFg-wxTtM-54omL6MpLVnSbBC4fHFbcezP2QrYug5xbctQn/s1600/3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVTTRDoHsTEr2PK-_oa8-HiEtPyQHFn_4bjKT2okBUD2RTdl5Ch5dJHougK0W9rx3GkND_jCUJ0NLUyHiZ72K9XXnot5zGSpFg-wxTtM-54omL6MpLVnSbBC4fHFbcezP2QrYug5xbctQn/s320/3.jpg" width="320" /></a></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;"><span style="color: red;"><span style="font-size: x-large;"><b><span style="font-family: "Times New Roman","serif";">  </span></b></span></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;"><span style="color: red;"><span style="font-size: x-large;"><b><span style="font-family: "Times New Roman","serif";">CYPRUS’S HUGE UNTAPPED GAS RESERVES WILL BENEFIT THE EUROPEAN UNION</span></b></span></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><br /></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Geopolitical Analysis and Monitoring wrote January 2013:</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><span style="font-size: large;"><b><span style="color: blue; font-family: "Times New Roman","serif";">COULD IT BE THAT THE TROIKA (IMF, ECB AND WORLD BANK) IN REALITY FOCUSES ON TAKING CONTROL OF CYPRUS’S PROCLAIMED HYDROCARBON FINDINGS?</span></b></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><span style="font-size: large;"><b><span style="color: red; font-family: "Times New Roman","serif";">DE FACTO LOSS OF SOVEREIGNTY: CYPRUS MAKES BIG CONCESSIONS FOR BAILOUT</span></b></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Read the entire article at:</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";"><a href="http://news-these-days.blogspot.com.ar/2013/01/cyprus-under-claws-of-imf.html">http://news-these-days.blogspot.com.ar/2013/01/cyprus-under-claws-of-imf.html</a></span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;"><span style="font-size: large;"><b><span style="font-family: "Times New Roman","serif";"><br /></span></b></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Nicosia: EUROPE should not worry about bailing out crisis-hit CYPRUS because the island’s huge untapped gas reserves will benefit the EUROPEAN UNION by making it less dependent on RUSSIAN energy, analysts say.</span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Despite struggling under a GREEK-exposed debt mountain, the east Mediterranean island sits on potentially huge energy wealth in excess of 600 billion EUR, a Royal Bank of Scotland report said.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">CYPRUS hydrocarbons company chief Charles Ellinas says the island will be exporting to EUROPE by 2019 with a view to meeting 10 percent of the bloc’s energy needs.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">“This is not totally hypothetical. EUROPE has a huge dependence on RUSSIA and CYPRUS can help reduce that,” he told AFP.</span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">“If you look beyond the next couple of years the future looks rosy. After 2020 we will start to pay off our debt and eventually create a surplus.”</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">RBS said that despite now facing potential bankruptcy, CYPRUS’S future energy riches will be a boom.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">“CYPRUS will become geopolitically important for gas pipeline routes, and EUROPE should benefit from greater energy security away from RUSSIA,” the RBS report said, also sounding a cautionary note.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">“These monies however are not readily available; the commodity spoils of EUROPE’S new lucky country are a medium- to long-term story.”</span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">If further exploratory drillings match the success of the first findings, these could top 2,950 percent of GDP.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">“The long-term potential of CYPRUS is very good but in the short term it has to make adjustments through the austerity measures as part of any loan deal. Gas reserves are there but need time to be exploited,” RBS analyst Michael Michaelides said.</span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Offshore exploration by Houston-based Noble Energy in Block 12 of CYPRUS’S Exclusive Economic Zone indicates a gross natural gas reserve of up to 254.9 billion cubic metres (9 trillion cubic feet).</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Noble expects to commercially extract and transfer the gas onshore by late 2018 and begin exporting to EUROPE the following year.</span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><div class="MsoNormal" style="line-height: normal;"><br /></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL5PubZqQHWKwmQ7aAiZu4I7vQrE2TH5q7-DH5zECWibhvibw_PYIwbLsk991ruO-d7v3Me1ogeYlT0S4wkvleKmwVv03rHLUtyWPuYQ__zgyXX_q5uePjZ88qqNNyr64k_nLIOSUlb4z-/s1600/20120707_EUD000_0.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL5PubZqQHWKwmQ7aAiZu4I7vQrE2TH5q7-DH5zECWibhvibw_PYIwbLsk991ruO-d7v3Me1ogeYlT0S4wkvleKmwVv03rHLUtyWPuYQ__zgyXX_q5uePjZ88qqNNyr64k_nLIOSUlb4z-/s400/20120707_EUD000_0.jpg" width="400" /></a></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">ITALIAN giant ENI, FRANCE’S Total and SOUTH KOREA’S Kogas are all negotiating for permits in other offshore blocks.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Analyst Fiona Mullen estimates that the current finds alone could mean gas revenues of at least one billion euros annually.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">“So the revenue will be very significant when it comes. But I think we won’t see any significant revenue for 15 years,” she said.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Mullen said that is why it is important for international lenders to give CYPRUS a lengthy loan repayment period rather than the four years envisaged.</span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">“CYPRUS will need to find more gas before it can find finance for an LNG plant, which puts back the financing a few more years. Then it could take 10 years to build the plant, so it could be 15 years before the plant is built and the money flows.”</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Nicosia is looking to borrow some €17.5 billion — almost 100 per cent of its annual GDP.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">The finance ministry concedes that without a quick bailout agreement, the EUROZONE country faces “bankruptcy”.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">EUROZONE finance ministers are due to discuss CYPRUS’ aid request, but a final decision is not expected then.</span></span></div><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Finance Minister Vassos Shiarly said Nicosia had “satisfied all the demands” of international lenders, with the figure for bank recapitalisation the only missing piece.</span></span><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Shiarly said the EUROZONE ministers’ meeting would not have a final figure for the amount needed by the banks, expected to be up to 10 billion euros but with the government hoping to lower it.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">“Probably the magic number won’t be known in the next couple of days,” Shiarly told state radio, adding that another eurogroup meeting on bank recapitalisation was “unavoidable”.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">This would mean an eventual agreement would be signed by a new government following a presidential election on February 17.</span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">Nicosia applied for financial aid in June after its two largest banks, severely rocked by losses connected with the GREEK debt crisis, sought state support.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">CYPRUS has already pushed through tough austerity measures to meet demands for more than one billion euros in cuts and savings.</span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">One should not forget however that RUSSIA will also have a say in the matter for it “bailed out” CYPRUS in recent past by providing a large loan. Historically CYPRUS and RUSSIA always had close ties, politically as well as religiously (Christian Orthodox) and last CYPRUS is a financial safe - haven for RUSSIA’S oligarchy, something they will not give up easily.</span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><b><span style="font-family: "Times New Roman","serif";">Related articles:</span></b></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";"><a href="http://news-these-days.blogspot.com.ar/2012/12/energy-adventures-in-eastern.html">http://news-these-days.blogspot.com.ar/2012/12/energy-adventures-in-eastern.html</a></span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";"><a href="http://news-these-days.blogspot.com.ar/2012/04/complexity-of-eastern-med-energy-games.html">http://news-these-days.blogspot.com.ar/2012/04/complexity-of-eastern-med-energy-games.html</a></span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";"><a href="http://news-these-days.blogspot.com.ar/2012/03/cyprus-emerging-geo-strategic-key.html">http://news-these-days.blogspot.com.ar/2012/03/cyprus-emerging-geo-strategic-key.html</a></span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";"><a href="http://news-these-days.blogspot.com.ar/2012/02/new-mediterranean-oil-and-gas-bonanza.html">http://news-these-days.blogspot.com.ar/2012/02/new-mediterranean-oil-and-gas-bonanza.html</a></span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";"><a href="http://news-these-days.blogspot.com.ar/2012/02/geo-strategic-dynamics-in-eastern.html">http://news-these-days.blogspot.com.ar/2012/02/geo-strategic-dynamics-in-eastern.html</a></span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";"><a href="http://news-these-days.blogspot.com.ar/2012/02/eastern-mediterranean-sea.html">http://news-these-days.blogspot.com.ar/2012/02/eastern-mediterranean-sea.html</a></span></span></div><div class="MsoNormal" style="line-height: normal;"><br /></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";"><a href="http://news-these-days.blogspot.com.ar/2011/12/energy-games-in-eastern-mediterranean.html">http://news-these-days.blogspot.com.ar/2011/12/energy-games-in-eastern-mediterranean.html</a></span></span></div><span style="font-size: large;"> </span><div class="MsoNormal" style="line-height: normal;"><br /></div>

BROKE CYPRUS COULD BE ENERGY TRUMP CARD FOR EUROPE

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BROKE CYPRUS COULD BE ENERGY TRUMP CARD FOR EUROPE

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