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Cyprus Shipping Chamber calls for speedy oil and gas framework

Noble Energy gas rig in Cyprus' waters

The Cyprus Shipping Chamber is calling on the government and all stakeholders to quickly establish the legal framework within which the oil and gas sector will operate.

Director General of the Chamber Thomas Kazakos, addressing the 4th Mare Forum Cyprus 2015, in Nicosia, said the discovery of natural gas in the Exclusive Economic Zone of Cyprus created great prospects for shipping and Cyprus as a whole.

New pioneering shipping and energy projects with great financial benefits for the Cyprus economy “will offer Cyprus and, by extension Europe, an even greater political influence on a regional and global level in matters concerning energy and shipping,” he said.

“The success of such projects depends on clear and transparent incentive-based strategies, which will make the most of Cyprus’ energy potential. Diverse resource development, environmental responsibility, efficient use of energy and the role of the shipping sector, are areas that all stakeholders must focus on,” he said. This was imperative for investors.

“We, therefore, urge the Government and all stakeholders to proceed speedily, with establishing the relevant legal framework within which, the oil and gas sector will operate and to support the development of adequate training and testing facilities related to the needs of the sector. It is vitally necessary to invest in training and education, as well as research and development, in order to quickly develop such projects and training institutions, so the local Cypriot workforce can also be deployed,” he said. (CNA)

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