Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting May 22:
Talks between the government and US energy giant Chevron appeared to move in a positive direction on ...
Tectonic shift in energy policy
The ‘safe’ narrative that our gas will go to Egypt for liquefaction is being turned on its head by events
As energy giants and experts gather in Nicosia on Monday, ...
Cyprus and Chevron discuss speeding up Aphrodite exploitation
Talks between the government and US energy giant Chevron appeared to move in a positive direction on Friday, after a meeting at the presidential palace ended on a high note ...
Lloyd’s Register drops ships of top Indian carrier of Russian oil
Lloyd’s Register has told India’s Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of ...
Energy minister: State at fault for high energy prices
The Electricity Authority of Cyprus (EAC) is partly to blame for Cyprus’ energy woes and high prices, but the state has let the people down, Energy Minister George Papanastasiou said ...
Energy bills to fall for millions of Britons as regulator slashes price cap
Millions of British households will see cheaper energy bills from July after regulator Ofgem slashed its cap on prices following a slump in wholesale energy costs.
The news will come ...
‘Don’t expect any miracles,’ energy expert says about natural gas initiatives
Energy expert Charles Ellinas on Monday brushed aside comments made by Eni CEO, Claudio Descalzi that no EastMed pipeline could be feasible without Turkey, to which the government issued a ...
World can’t afford US-style home energy consumption habits
By Gavin Maguire
The US is hoping to play key leadership roles in an array of areas tied to the global energy transition, from developing corporate champions that drive emissions ...
Oil supply won’t be affected by stricter price cap enforcement, IEA says
The International Energy Agency (IEA) does not expect moves by the Group of Seven nations to counter the evasion of price caps on Russian energy will change the supply situation ...
First nuclear fusion plants to need $7 bln supply chain
Companies looking to harness the process that powers the sun and stars to generate electricity expect to spend about $7 billion by the time their first nuclear fusion plants come online, ...
Shell to use new AI technology in deep sea oil exploration
Shell Plc (SHEL.L) will use AI-based technology from big-data analytics firm SparkCognition in its deep sea exploration and production to boost offshore oil output, the companies said on Wednesday.
...
Why green and sustainability bonds are growing in importance
The financial markets are playing a critical role in the transition towards a more sustainable and socially responsible future, primarily due to the issuance of sustainability bonds and green bonds, ...
Oil falls as economic concerns offset prospect of tighter supplies
Oil prices slipped on Monday as concerns about fuel demand in top global oil consumers United States and China offset bullish sentiment about tightening supplies from any OPEC+ cuts and ...
Nationalised German energy firms pay traders big bonuses after losing billions
German energy firms Sefe and Uniper (UN01.DE) have awarded some traders millions of dollars in bonuses for 2022, four sources familiar with the matter said, just months after the companies ...
Europe’s gas prices slide on swollen inventories
Europe has made a relatively slow start to rebuilding gas inventories but stocks were so high at the end of last winter that storage sites are still on course to ...
Energy minister will travel to Israel for gas deal talks (Updated)
By Nikolaos Prakas and Elias Hazou
Cyprus and Israel are working on a deal for a pipeline carrying natural gas from both countries to the island, where it will be ...
Microsoft to buy power from nuclear fusion company Helion
Private US nuclear fusion company Helion Energy will provide Microsoft (MSFT.O) with electricity in about five years, the companies said on Wednesday, in the first such deal for the ...
Turkey defers $600 million Russian energy payment under deal
Turkey has deferred payment to Russia of a $600 million natural gas bill to 2024, two sources said on Wednesday, the first such postponement under a deal announced last week that underlines ...
President Christodoulides in Israel for two-day visit (Update 2)
President Nikos Christodoulides on Thursday morning arrived in Israel for a two-day working visit it was officially announced.
The president had a private meeting with his Israeli counterpart Isaac Herzog ...
Supply of natural gas from the Aphrodite reservoir expected in 2027
The Aphrodite reservoir offshore Cyprus has a part to play in meeting growing global demand for natural gas, a senior Israeli energy executive has said.
Yossi Abu, CEO of NewMed ...
Oil prices climb as recession fears begin to fade
Oil prices rose on Monday as fears of a recession in the US, which drove prices down for three straight weeks for the first time since November, started receding.
Brent ...
Chevron begins drilling second appraisal well offshore Cyprus
Oil major Chevron have begun drilling an appraisal well, the second, at their Aphrodite gas discovery offshore Cyprus, media reports said on Thursday.
Estimated to cost about €100 million, the drill ...
President meets top Total executives in Paris
President Nikos Christodoulides on Thursday discussed ways to exploit the hydrocarbons found within the EEZ with international energy experts, saying that local energy needs are a priority.
During his meeting ...
Oil prices recover after three-day plunge; demand worries linger
Oil prices rose on Thursday but were unable to claw back the more than 9 per cent decline during the previous three days as demand concerns in major consumers overrode signals ...