Category: ECONOMY
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EuroAfrica cable enters crucial phase
The officials attending the signing ceremony in Cairo endorsed their commitment to implementing the EuroAfrica Interconnector energy bridge connecting Egypt, Cyprus, and Greece with the European electric network with 2000MW. The aim of EuroAfrica is to offer significant economic and geopolitical benefits to the involved countries and contribute to the European Union’s target for 10…
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Total to start exploratory drilling off Cyprus with Greece following
What made this possible was the discovery of the Egypt’s Zohr deposit. Experts argue that the chances for deposits of similar value in Cyprus’ neighboring Block 11 have really increased. Three companies so far have been awarded exploration licenses by Cyprus: Total, ExxonMobil and ENI. Total also plans to start similar drilling activities to Greece as well,…
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Egypt sets up new fund to revive tourism industry
The new fund, which was announced by the Central Bank of Egypt (CBE) on Dec. 26, would finance maintenance and upgrades at hotels, tourist resorts and other tourism facilities with an interest rate of 10%. The CBE also decided to extend the grace period for tourism investors to pay their debts until 2018. Funds would…
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French Total preparing to drill off Cyprus for natural gas, says ministry source
Total, along with Italy’s ENI and Exxon Mobil, was awarded licenses for hydrocarbons exploration by Cyprus last month. The ministry source said Total plans to drill in block 11 of Cyprus’ exclusive economic zone, which shares a boundary to the south with the giant Egyptian Zohr natural gas well, the largest ever field discovered in…