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

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

CONTENTS

[01] CYPRIOT PRESIDENT - EGYPT - AGREEMENTS

[01] CYPRIOT PRESIDENT - EGYPT - AGREEMENTS

Papadopoulos who is paying an official visit to Egypt said that Cyprus and Egypt have now a comprehensive framework of agreements as regards the research and co-exploitation of hydrocarbon deposits in the seabed in the medial line between the exclusive economic zones of the two countries.

He added that there will be more detailed agreements in case that hydrocarbon deposits are discovered and after the Cypriot government grants through an international auction drilling rights where it deems right, adding that officials from the Cypriot Ministry of Commerce, Industry and Tourism will give details about the agreements to the Cypriot people after his return to the island.

The agreements cover the co-exploitation of hydrocarbon deposits in the line between the two countries` exclusive economic zones, the cooperation of the two countries in the production of electricity and renewable sources, a special programme on cultural, scientific and technological cooperation, scientific cooperation on research and development and a memorandum of understanding for cooperation in development.

``The five agreements are important,`` Papadopoulos said.

He noted that that underwater oil reserves have no borders, adding that agreements singed yesterday ``solve and settle this problem.``

Referring to his meeting with Grand Imam of Al-Azhar Muhammad Sayyid Tantawi earlier today, Papadopoulos said that he invited him to visit Cyprus during a conference organized by Cyprus and Malaysia on the cooperation of Religions and Civilizations on 3-5 July.

The Grand Imam expressed his support to efforts to recommence talks for a viable solution to the Cyprus problem, the Cypriot President added.

Meanwhile a 40-member delegation of Cypriot businesspeople escorting the President to Egypt had a series of ``very promising`` contacts with Egyptian businesspeople, Cyprus Chamber of Commerce and Industry Manthos Mavrommatis said.

He noted that the prospects given by the Egyptian authorities for the establishment of Cypriot companies in the free trade zones are very important.

We encouraged them to open their markets for more trade between the two parties, he said.

Mavrommatis also noted that there is interest for the development of tourism to the two countries, and mainly for attracting tourists from long-distance countries of the Far East, who can include both Cyprus and Egypt in their tourist destinations

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