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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.