The Ministry of Commerce is planning to utilise Cyprus` natural gas deposits around the year 2016, and in the meantime is investigating the possibility of proceeding with other options for importing natural gas from other countries, Minister of Commerce, Industry and Tourism Praxoula Antoniadou said.
Antoniadou noted that the indications for the participation of companies in the second round of licensing for the exploration and exploitation of natural gas in Cyprus` exclusive economic zone were very positive, and that in the Ministry`s report for the second round of licensing in London, half of Cyprus` visitors said they had already filled out application forms.
Speaking on the sidelines of an event to mark the International Consumer Rights Day, and asked about the price of fuel in Cyprus, Antoniadou said the Ministry was closely monitoring the price of oil imported for fuel, adding that “what we must do in the medium term is to expedite the arrival of natural gas, firstly from our own reserves, so that the cost or producing electricity is permanently and drastically reduced, leading to a drop in prices and thus a more competitive economy.“
“In the meantime the possibility of purchasing natural gas, before it becomes available from our own deposits, is being investigated,“ she said.
Asked if the natural gas could become available before 2015, Antoniadou said that 2015 concerned commitments given by the Electricity Authority to the European Investment Bank regarding natural gas for the production of electricity, and concerned the import of natural gas, which was planned and failed in the past.
“The indication we have for the exploitation of our own reserves of natural gas is around 2016. This is the earliest date,“ she pointed out.