The EU will protect Cyprus’ interests as regards the discovery of hydrocarbon reserves within its Exclusive Economic Zone (EEZ) EU Commissioner Günther Oettinger has said.
Oettinger was addressing a meeting of COSAC Chairpersons in Limassol on Monday in the context of the parliamentary aspect of the Cyprus EU Council Presidency.
Replying to a question posed by British MP William Cash as regards Turkey’s threats against Cyprus on the matter of natural gas Oettinger said that the discovering natural gas in the Eastern Mediterranean is a sensitive matter.
As an EU member, Cyprus’ interests, he noted, are important. The EU, he said “will defend these interests”.
Oettinger also spoke of ‘differences in delineation’, expressing the belief that these natural gas reserves are an opportunity for Israel, Cyprus and the entire region.
Natural gas quantities viable to be used and the cost of drilling them out will be evident in the near future, he said, adding that it will hence be possible to plan the necessary transportation systems and to finance the project.
One of the matters that need to be looked into, Oettinger said is whether it will be a less costly solution to create pipelines to transport natural gas or build liquefied natural gas terminal.
Another matter to be looked into is whether natural gas should be transported or merely the electricity produced thereof.
He further expressed the EU Commission’s readiness to support the Republic of Cyprus in these matters and announced a conference on energy infrastructures to take place in November in the context of the Cyprus EU Council Presidency.
During his speech, Oettinger stressed the need to adopt a common European energy strategy and to complete the energy internal market.
Parliamentary Committee on Foreign and European Affairs Chairman Averof Neofytou highlighted the fact that Cyprus assumes the Presidency of the EU council in a crucial period for both the Union and its member states, particularly for Cyprus since it has officially entered the group of eurozone countries to receive financial rescue.
The EU, he noted, has created safety mechanisms so that member states can ask for support based on the principle of solidarity whilst at the same time committing to proceed with structural changes.
It should be understood, he pointed out those European mechanisms such as the EFSF and the ESM are tools of solidarity, support and help not of punishment.
Neofytou also stressed that the dilemma between fiscal consolidation and growth is not a valid one.
There is no dilemma of choosing the one or the other, he said, explaining that “quite simply there can be no viable growth without simultaneous fiscal consolidation”.