05:21 GMT +328 September 2016
View of the Limassol city in the Cyprus

Cyprus Interested in Russian Companies Developing Island's Gas Fields

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Cyprus is interested in the participation of Russian companies in the development and exploitation of the country's hydrocarbon reserves, Cyprus' Ambassador to Russia George Kasoulides said Tuesday.

MOSCOW (Sputnik) — According to Kasoulides, Cyprus is already preparing for the commercial exploitation of its natural gas reserves, with plans for the export of gas to begin in 2020-2022, if not sooner. He added that there were signs of potentially more hydrocarbon deposits in Cyprus in addition to those already known.

"We have a burning desire to see Russia participate in the development of the fields. We hope that Russian companies will participate in the exploitation of hydrocarbon deposits, which are located in Cyprus' exclusive economic zone. It would be useful for maintaining balance in the region," Kasoulides told reporters.

In August, Cyprus signed an undersea gas pipeline agreement with Egypt, and is currently negotiating export deals with Israel, Jordan and Lebanon.

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  • michael
    various countries of the eu are happy to take Russian investment, hopefully it will not be a repeat of the french farce.
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