Cyprus News Agency: News in English, 06-05-03

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] CABINET - AGREEMENTS - EGYPT

[01] CABINET - AGREEMENTS - EGYPT

The signing of the agreements will take place during the official visit of Cypriot President Tassos Papadopoulos to Egypt. The President departs for Egypt tonight.

Speaking after the Council of Ministers meeting, Undersecretary to the President Christodoulos Pashiardis said that the cabinet approved the content and signing of the five agreements between the two countries, which will have both economic and political benefits for Cyprus.

Pashiardis said the agreements cover the co-exploitation of hydrocarbon deposits in the line between the two countries` exclusive economic zones, the participation of Cyprus in the income from the exploitation of the deposits possibly in Cyprus` marine area, and the cooperation of the two countries in the production of electricity and renewable energy sources.

Replying to questions, Pashiardis said that the significance of the agreements "is extremely great for Cyprus and it is expected that the gains Cyprus may receive from the implementation of the agreements will be especially beneficial for the whole of the Cypriot people."

Pashiardis said he could not go into details or say when the fruits would be reaped, noting that "the work will begin very soon, possibly within the next year."

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