Cyprus News Agency: News in English, 06-05-03
CONTENTS
[01] CABINET - AGREEMENTS - EGYPT
[01] CABINET - AGREEMENTS - EGYPT
The Council of Ministers approved today five interstate agreements
between Cyprus and Egypt on research and the co-exploitation of
hydrocarbon deposits in the line between the exclusive economic zones
of the two countries.
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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