Cyprus Business Now: energy market and shipping industry updates
The Cyprus shipping industry met with the International Chamber of Shipping (ICS) on Tuesday, September 14, to discuss the various technical and environmental issues stemming...
Energy
Cyprus Energy Symposium to examine energy landscape
The ninth edition of the Cyprus Energy Symposium will put the spotlight on all energy-related issues pertaining to Cyprus, a statement by its organisers said....
Harvard University to end investment in fossil fuels
Harvard University is ending its investments in fossil fuels, the school’s president said on Thursday, drawing praise from divestment activists who had long pressed the...
OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says
The head of Russia’s No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were “comfortable” for consumers and that the OPEC+ group...
Saudi Arabia slashes oil prices to Asia; US, Europe prices steady
Saudi Arabia, the world’s top oil exporter, slashed prices of all crude grades to Asian customers in October versus September, but left prices to northwestern...
US backs plan to bring badly-needed gas to Lebanon from Syria
The US has backed a plan to bring desperately needed gas to Lebanon from Syria. Syria said on Saturday that it welcomed Lebanon’s request to...
Oil rises on demand outlook, Gulf outages
Oil prices rose on Friday as a rebound in global demand was widely expected and a slow recovery for the US Gulf Coast export and...
Iranian oil, despite sanctions, is on it’s way to Hezbollah in Lebanon
The first Iranian fuel oil cargo secured through Lebanon’s armed group Hezbollah will be delivered via Syria by truck to avoid complications related to sanctions,...
Russia to be affected the most by EU carbon border tax
The world’s first carbon border tax proposed by the European Union is likely to hit Russia the hardest but leave Chinese trade relatively unscathed, according...
Egypt’s GDP growth at 7.7 per cent in fourth quarter
Egypt’s gross domestic product (GDP) grew 7.7 per cent in the March to June quarter compared to a 1.7 per cent contraction in the same...
Understanding Cyprus electricity prices; why it gets worse
Cyprus must progress from lip-service to serious action if Cypriot consumers are ever to see serious reductions in their inexcusably high energy costs. Household electricity...
OPEC+ sticking to policy despite higher oil demand
OPEC and its allies will likely stick to their existing policy of gradual oil output increases despite revising up the 2022 demand outlook and facing...
Hungarian foreign minister confirms gas deal with Russia
Hungary has agreed with Russia on all the conditions for a new long-term gas supply deal to take effect from Oct. 1, Foreign Minister Peter...
Russia must split up Nord Stream 2
Russia will have to split up ownership of the nearly-completed Nord Stream 2 pipeline, according to a German court order issued on Wednesday. In order...
Europe could see natural gas shortages, price rises this winter
There is real danger that Europe will see shortages of natural gas this winter, combined with sharp increases in price for the commodity. “Going into...
Merkel: Russia cannot use Nord Stream 2 pipeline as a weapon
“Gas cannot be used as a weapon,” German Chancellor Angela Merkel said on Sunday after meeting Volodymyr Zelensky, Ukrainian president, in Kyiv. “We are for...
Switzerland makes massive investment in Alpine solar projects
At a dam 2,500 metres (8,200 ft) high in the Alps, construction has begun on Switzerland’s largest alpine solar plant aimed at helping the small...
Oil dips, little changed despite weaker demand forecasts
Oil prices dipped on Friday and ended the week little changed after weathering concerns from banks and the International Energy Agency that the spread of...
Cyprus Business Now
Hellenic Bank has accumulated a property portfolio worth €300 million and is now looking to sell it. The properties were the result of borrower debt...
Northeast England gets offshore wind production investment
Siemens Gamesa and GRI Renewables Industries will invest more than 260 million pounds ($360.70 million) into offshore wind manufacturing facilities in northeast England, the British...