Home owners who install residential solar power systems will be eligible for state subsidies up to €1000, according to a government plan approved by the Cabinet on Thursday.

According to Maria Eracleous at Kathimerini Cyprus, the scheme is designed to cover expenses with €250 per kilowatt with a maximum of four kilowatts.

“The subsidy covers one fifth of the total installation cost of a 4 kW solar power system, which is estimated to run about 5 or 5 thousand euro,” Eracleous said.

But there is a cap at the 4 kW threshold, Eracleous added, saying that home owners who wish to install heavier systems with more solar panels won’t be able to get more than €1000 from the government.

According to experts, residential solar power systems that produce 3 or 4 kW could cover up to 90% of the needs in a typical house of about 200 square metres.

“This means that the installation cost can pay for itself in about five years if someone gets the subsidy,” Eracleous said.

The plan also covers home owners without deeds, who could still be eligible for the subsidy if they meet all other criteria.

Additional terms and conditions apply for low income households, such as the possibility to earn subsidies of up to €900 per kilowatt with a maximum amount per residential installation at €3600.

Home owners who wish to combine solar power systems with roof insulation, the state subsidy could run up as high as €3000. In such cases, roof insulation would be covered by €1800 and €300 per installed kilowatt.

This would essentially pay 35% of the total cost for roof insulation, which is estimated to run about five or six grand.

The government budget for this renewable energy subsidy comes to €24.5 million and it is expected that the money would cover over 10,000 applications. 

Source:KNEWS

Cypriot Minister of Energy Yiorgos Lakkotrypis said Wednesday that the quality of the reservoir found in Block 10 of Cyprus Exclusive Economic Zone (EEZ) allows optimism that the recoverability would be very high.

The Minister, who was speaking at the 6th Eastern Mediterannean Gas Conference in Nicosia, also noted that more appraisal work is needed on behalf of the company within the next weeks.

Lakkotrypis further said that the discovery in “Glaucus 1” well creates prospects to relook at Block 10 targets, adding that “Calypso” and “Aphrodite” field, had also given an idea of the potential of the EEZ. The Minister said that there were looking forward of the upcoming drilling programme of Eni and Total, waiting at the same time the appraisal well for “Calypso” in Block 6.

Referring to monetization of the discoveries, he said that the Cyprus government has been maturing all of its option simultaneously, with the exception of “Aphrodite” field for which announcements were hopefully expected in the next few weeks. As he said, for the rest of the fields, all the options were still open, including EastMed gas pipeline, the construction of an LNG plant, floating LNG or any other technology, depending on a number of parameters. He added the time has not yet come for the decision and that the big bet for the government was to make the right choice, when the moment comes.

He also referred to Block 7 licensing, saying that negotiations with Total and Eni were expected to begin within the next few days.

The Minister also referred to the East Mediterranean Gas Forum established a few months ago in Cairo between Eastern Mediterranean countries, saying that the group’s primary goal was to make the region more competitive in order to witness more hydrocarbons development and to bring gas more effectively to the markets.

He noted that Cyprus was halfway in his efforts with some pretty good results, and said that Cyprus was not only committed to cooperate with the region but also to lead the effort. 

Speaking at the Conference Executive Vice - President of Eni for Europe and Russia Carlo Vito Russo noted that new discoveries in the Cypriot EEZ added to the existing potential of the Eastern Mediterranean, reconfirming it as a world class hydrocarbon region.

The Eni Vice-President stressed the importance of synergies between the countries and companies in the region and referred to the existing infrastructure in Egypt as one of the ways of exploiting the deposits in the Cypriot EEZ, especially in blocks 10, 6 and 11.

“Clasterization of discoveries located northwest of Zohr in the Cyprus EEZ will be a way to commercialize resources to Zohr facilities and the available LNG capacity in Egypt”, he said, adding that in this respect cooperation between operators and authorities was decidable.

He said that both “Calypso” and “Glaucus” fields confirmed the extension of the Zohr like plays in the EEZ of Cyprus and that the full potential of the play within the Cyprus’ EEZ needed to be fully explored with new explorations and appraisal work.

“Only then we will know the volume of gas that we can add to the ones already discovered”, he added.

He also said that new finding represent important milestones, but partnership were needed in order to make Cyprus a  key player in the potential east med hub.

Source: Stockwatch

·         ExxonMobil announced on Thursday that it has made the world's third biggest natural gas discovery in two years off the coast of Cyprus in the Eastern Mediterranean.

·         Based on preliminary interpretation of the well data, the discovery could represent a natural gas resource of approximately 5 trillion to 8 trillion cubic feet.

·         The EU is considering developing a gas hub in the Mediterranean key to diversifying its energy sources and reducing its dependence on Russia.

The Central Bank of Cyprus (CBC) on Tuesday called for vigilance and close monitoring of the rising prices in housing particularly in Limassol pushed by the Cyprus Citizenship by Investment Scheme, called as the Cyprus Investment Programme.
 
The residential property prices index compiled by the CBC for the third quarter of the 2018 marked a moderate increase of 0.3% compared with the previous quarter, whereas its annual growth amounted to 1.6%.
 
However, prices of flats in the southern coastal town of Limassol climbed by 8.7% year on year, the highest of all cities, and 2.9% compared with the previous quarter, marking continued growth associated with the island’s CBI scheme.
 
In the third quarter of 2018, flat prices in Paphos climbed by 5.2% year on year, in Famagusta by 5%, in Larnaca by 2.7%, whereas in the landlocked capital of Nicosia the increase stood at 1.2%, the CBC said.
 
“Despite the moderate average price growth, the growth momentum particularly in Limassol highlights the need for close monitoring of the developments and vigilance,” the CBC added in its bulleting issued today.
 
Investment in real estate is one of the Cypriot CBi’s most popular criteria among the investors interested in acquiring the Cypriot passport, with the CBC noting that property purchases are funded with cash and not with loans provided by the Cyprus banking system.
 
“Strong price pressures, which were analyzed in the previous Index seem to affect coastal areas of Limassol,” the CBC added, noting that flat prices in Limassol record significant increase which are manifestly higher than other areas in Cyprus, while flat prices are accelerating faster than house prices.
 
Moreover, the CBC also notes that residential prices in Famagusta and Paphos, affected by demand foreign demand, record significant increases compared with the capital Nicosia, where price increase is subdued.

Source: StockWatch

Bank of Cyprus Holdings Public Limited Company and Bank of Cyprus Public Company Limited announce that last evening its Group Chief Executive Officer, Mr John Patrick Hourican, informed the Boards of his decision to leave the Group in September 2019 after serving a notice period of six months. By the time he leaves, Mr. Hourican will have spent nearly six years as the Group Chief Executive Officer. Mr. Hourican intends to pursue a commercial opportunity in the United Kingdom.

The Boards will launch, in line with the Corporate Governance Code, the process of identifying a suitable candidate to succeed Mr. Hourican as Chief Executive Officer.

The Chairman and the Boards wish to express their thanks and deep appreciation to Mr. Hourican for his leadership and exceptional service to the Bank of Cyprus Group during the most critical period in its recent history. Mr Hourican has guided the Bank’s restructuring, its recapitalization, a restoration of confidence, and has been instrumental in developing appropriate strategies for dealing with the challenge of coping with large nonperforming exposures, shrinking the Bank to strength, and developing a strong senior executive team that will guide the Bank in the period ahead.

Dr. Ackermann, Chairman of the Boards, commented: “I want to express mine and the Boards’ sincere thanks to John for playing such a pivotal role in the Group’s repair and for devoting nearly six years in leading the Bank of Cyprus Group. John remains committed to leave behind a strong management team and a Bank in a steadily improving financial shape, with restored customer confidence. We will continue to work closely with him in the months ahead, also ensuring a smooth transition to the new leadership.”

In a separate announcement today, the Group announced its Preliminary Full Year Results for 2018. These results present a Bank with high levels of capital, significant surplus liquidity and a clear strategy to complete the de-risking.

Source: Stockwatch

Cyprus President, Nicos Anastasiades, has expressed satisfaction over the results of the first phase of the exploration programme, in Block 10 of the Republic of Cyprus Exclusive Economic Zone, noting that it places Cyprus on the international energy sector map.

The President also expressed hope that there will be better developments in the field of Energy in the future and that the House plenary will vote today for the establishment of the national investment fund that will manage future revenues from hydrocarbons.

Invited to comment developments in the Energy field after yesterday’s announcement of the results of the exploration in Block 10 of Cyprus’ EEZ, the President said that this issue needs to be addressed seriously, adding that this is a fortunate development, which places Cyprus on the international energy sector map, with a strong outlook.

He expressed hope that there will be better developments in the future and assured that the government of the Republic of Cyprus will serve the interests of all the citizens of the Republic.

Energy giant ExxonMobil and Cyprus government announced Thursday a discovery of a natural gas resource of approximately 5 to 8 trillion cubic feet in Cyprus’ offshore block 10, at the Glaucus-1 well.

Opposition parties Diko and Edek on Friday dismissed as slander claims that they launched last-minute attempts to wreck the national health scheme (Gesy) and that, on the contrary, it was the last two governments which had stalled reforms.

The two parties came under fire from ruling Disy and main opposition Akel MPs on Thursday who accused their colleagues from Diko and Edek of seeking to torpedo Gesy at the last minute.

The stir was caused after the head of the House health committee, Disy’s Costas Constantinou revealed on Thursday that Diko planned to table an amendment proposing to suspend for three years the autonomy of state hospitals.

This, followed the announcement by Edek leader Marinos Sizopoulos that his party would table an amending legislative proposal, ensuring patients’ right to choose their physician under the new regime.

Constantinou also told state broadcaster CyBC on Friday that Diko and Edek had enlisted the head of the medical association (Cyma) Petros Agathangelou, to persuade Akel, but without any success, to back this as well.

In an announcement, Diko’s parliamentary representative, Christiana Erotokritou on Friday denounced Health Minister Giorgos Pamboridis for attacking political leaders following his comments that a Judas was among them when it came to Gesy.

Parliament last week signed off on three bills that would enable the roll-out of Gesy providing (mandatory) universal healthcare coverage. The bills are scheduled to be voted by parliament on June 16.

Diko’s daggers were also turned against Constantinou, for “slanderous attacks”.

The party said that it had long ago decided to vote the Gesy bills as is.

“Our party had taken the lead in the effort to create Gesy in our country,” it said. It added that they have concerns about the implementation of Gesy and the autonomy of state hospitals and that it is for this reason that Diko will closely monitor its implementation process and intervene to resolve problems that will emerge along the way.

Diko said that the delays in voting the three bills were due to “systematic attempts” of health ministry officials and Disy members to obstruct the process.

“That is where Mr Pamporidis has to look for those responsible, not in the New Testament”.

Diko also called on President Nicos Anastasiades and Disy head Averof Neophytou to call Pamporidis and the ruling party’s MPs to order.

Diko chief Nicolas Papadopoulos, speaking to Active Radio on Friday said that this was an election ploy of Disy and Akel to blame Diko for the non-implementation of Gesy.

He added that Pamboridis told him during a telephone conversation they had, who he was referring to as Judas. The minister, he said, named another political leader.

But Pamporidis, according to the radio station, said that the last time he spoke with Papadopoulos was last month, at the Pride Parade, and it was just to say hello.

In his turn, Sizopoulos, speaking to CyBC, called Constantinou “a cheap slanderer,” as to the latter’s claims that Diko and Edek are scheming to scupper Gesy.

“Regardless of our disagreements with provisions of the two bills, Edek will vote them,” Sizopoulos said in an announcement.

He added that what took place the past 24 hours was “unnecessary and excessive” and was that this “so-called cooperation with Nicolas Papadopoulos for the three-year postponement of hospital autonomy is fictitious and slandering”.

Regardless of any disagreements as to the bills, he said, Edek will back them because Gesy is his party’s “political child and will not give it up for anyone else to adopt”. He added that it was on his insistence, with numerous letters to Anastasiades, that discussion on Gesy among parties had begun.

Some, he said, “shed crocodile tears for Gesy” despite that they bear responsibilities.

“The Akel government had put Gesy on hold for five years. Today’s government has had monumental regressions in its positions,” Sizopoulos said.

“This government cannot even if it wants to, to implement Gesy,” he said, as it has done nothing the past four and a half years to improve the rapidly deteriorating situation in state hospitals, there are still serious medical staff shortages, while shortages in medicines and supplies were alarming.

Agathangelou dismissed any claims that he and Cyma had any involvement in any scheming against Gesy.

Cyma, he said, “had visited all parties with transparency” during its campaign to make its positions on the Gesy known.

He added however, that when the bills are voted by parliament, Cyma would begin a dialogue with the Health Insurance Organisation as to protocols and doctors’ fees.

The Finance Ministry has prepared a legislative draft as well as a proposal outlining regulatory guidelines that will denationalise Cyprus Telecommunications Authority (Cyta).

The two draft proposals were sent to the Cyta board on Monday night as well as to the relative unions representing the workers at the semi-governmental organisation. Cyprus has been attempting to sell a stake in Cyta as part of a sweeping privatisation programme that was part of an EU/IMF bail-in in 2013.

In the first phase, the bill calls for the creation of a successor company that – pending a date issued by a cabinet decree – will be a private entity tasked with running the authority.

Finance Minister Harris Georgiades had previously stated that his government was struggling to find suitors to take over Cyta.

“We are finding it difficult (to privatise Cyta)…”, Georgiades said at an event at the London School of Economics. “But we will have another go.”

Unions, along with opposition party Akel, have opposed the move to privatise Cyta  as it will mean that it will operate under private laws and will force the government to a surrender a large chunk of its stake to private investors.

Cyta workers had threatened strike action if the government didn’t hold back from moving ahead with its plans. A Joint Advisory Committee had been established to oversee the privatisation plans across the island.

Meanwhile, Georgiades added that the Larnaca port should also be privatised this year and that plans to sell the country’s state lottery were progressing.

CYPRUS supports involvement of Russian companies in its energy market, the Cypriot ambassador to Russia has said.

Ambassador George Kasoulides told Sputnik:

“As far as the energy sector is concerned…we are more than eager to have Russian involvement in those activities and we encourage Russian companies to compete for a fair share of the Cypriot market.

“We also believe that Russian involvement will be beneficial for all countries in our region.”

Cyprus is reliant on fossil fuel imports for its electricity needs. The country spends over 8 per cent of its GDP to cover the costs.

To date, no oil or gas exploration concessions have been awarded to Russian companies during three licensing rounds in Cyprus.

The Insolvency Service has managed to secure fifty six debt release orders (DRO) for debtors who were unable to repay dues of up to twenty five thousand euro, as a result of the economic crisis. 

So far 1,019 applications have been submitted from citizens who request a debt write off, head of the Insolvency Service Costas Karotsakis has told the CNA. 

“Consequently, fifty six families without income or important assets that could be used to repay their debt, have been rid of unsecured debts of up to twenty five thousand euro, both them and their guarantors” Karotsakis noted. 

As a result of the implementation of the insolvency framework, the economy of Cyprus is placed at the 16th position by the World Bank in terms of insolvency matters, whereas Cyprus ranks 9th among the EU member states. 

He also said that several cases are pending before the district courts and as a result it is expected that the number of the rulings will increase. 

However, according to Karotsakis the number of companies making use of the debt restructuring tool is low and as a result only three cases have been led before the courts and one of them has been withdrawn. 

In addition, he said that the Insolvency Service has received thirty eight applications for personal insolvency arrangements, noting that “restructuring a debt through a personal insolvency arrangement can secure the repayment of the creditors and maintain, where that is possible, the primary residence”. 

According to Karotsakis more than 8,600 persons have been removed from the bankruptcy record with the aim of re-integrating them into economic activity.