Cyprus News Agency: News in English, 12-06-07

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

CONTENTS

[01] Maltese support towards Cyprus over Turkish threats

[02] Minister: Decision over LNG terminal final

[03] Memorandum with the Community of Sant' Egidio

[04] Cyprus CB revises downwards its projections

[01] Maltese support towards Cyprus over Turkish threats

The Cypriot President discussed Thursday with Abela, issues concerning the EU Presidency of Cyprus, bilateral relations, the developments in the Cyprus issue and Turkish threats against Cyprus` Exclusive Economic Zone (EEZ).

Speaking after the meeting, President Christofias referred to the "traditional friendship" of the two island – countries and EU Member States, which face similar problems and concerns and are always in close coordination.

The President said that he briefed his Maltese counterpart on the current phase of the Cyprus problem and they shared thoughts on the economic crisis and the need for coordination between small states.

As far as Cyprus EU Presidency concerns, Christofias said that there was a convergence of views about the priorities.

The President also said that Abela was interested in the developments on' hydrocarbon exploitation and he briefed him on the efforts of Cyprus government, as well as Turkish threats concerning Cypurs' EEZ.

``He expressed his full support to Cyprus. The President also knows that we have agreements with Israel, Lebanon and Egypt, and he welcomed the fact", he added.

Last December Houston based Noble Energy, which has a concession for exploratory drilling in Cyprus` block 12, announced that initial data that emerged from exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf. Cyprus received 25 bids from companies and international joint ventures in the second licensing round for the island`s remaining 12 offshore blocks that took place on May 11.

Turkey has continuously doubted Cyprus' sovereign right to carry out exploratory drilling in its EEZ.

Cyprus, an EU member since 2004, has been divided since 1974, when Turkey invaded and occupied its northern third, is going to assume the EU Presidency on July 1st for a period of 6 months.

Turkey which aspires to join the EU, does not recognize Cyprus and said that it will have no relations with the Republic during the Presidency.

[02] Minister: Decision over LNG terminal final

Addressing the Cyprus Natural Gas Conference, Sylikiotis also said that the government will finalise in the coming weeks the State Hydrocarbons Company, the body that will represent the government in all future negotiations concerning natural gas issues.

Cyprus, he noted, is in a critical turning point with regard to the developments at home and internationally in the energy sector. ``We have a clear picture of the developments being shaped, we know where we want to go and we proceed cautiously, but steadily towards our goal,`` he said.

Last December Houston based Noble Energy, which has a concession for exploratory drilling in Cyprus` block 12, announced that initial data that emerged from exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf. Cyprus received 25 bids from companies and international joint ventures in the second licensing round for the island`s remaining 12 offshore blocks that took place on May 11.

[03] Memorandum with the Community of Sant' Egidio

According to an official announcement, the Community of Sant' Egidio is a non-profit, charitable organization with a humanitarian action in over 60 countries in Asia, Africa, South America and elsewhere.

The Republic of Cyprus is already cooperating with the Community, through its participation in the "DREAM" program, which supports AIDS treatment in Malawi and Guinea Konakri.

During her visit to the Community, Marcoullis met with Andrea Riccardi, the Community's founder and Italian Minister for International Cooperation and Integration, known for his work globally.

[04] Cyprus CB revises downwards its projections

According to the announcement issued by the CB, GDP projections for 2012 have been revised slightly downwards, compared with those of December 2011 due to the negative course of the Cyprus economy as it is reflected by several indices mainly after the blast in Mari, the haircut of the Greek bonds and its effect to the banking system of Cyprus, and the latest developments in Eurozone.

The Central Bank notes that the private consumption is expected to register a decrease of 2.9% in 2012, compared with an increase of 0.2% in 2011. This is verified by some indices, such as the index for retail sales, which recorded a decrease of 1.6% in January 2012.

Private consumption in 2013 is expected to show a decrease of 0.3%. Public consumption is also expected to register a decrease of 0.4% in 2013, in the framework of fiscal consolidation measures. Gross fixed capital formation is expected to decrease by 5.6%. The rate of growth of exports is expected to reach 1.2%, while imports are expected to further decrease by 2.1%, following the deterioration of the domestic demand.

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