BRITAIN will be returning land to the Republic of Cyprus that it holds in Zygi for €8.6m, it emerged on Friday.
The deal is set to be signed on December 1 after an agreement was struck between the Foreign ministry in Nicosia and the Foreign and Commonwealth Office in London.
The land in question is on the Zygi – Vasilikos border.
Negotiations, which also had the input of Cyprus’ legal service, lasted around six months, according to daily Phileleftheros.
The initial price for transferring the land was originally set at €10m, but the final amount Cyprus is set to pay to Britain has been agreed at €8.6m, the transport ministry confirmed.
According to the report, plans are in place to call for tenders for hydrocarbons related companies to submit interest to store equipment for drillings.