Sunday Mail newspaper

Page 1

CYPRUS LIFE

CLEVELAND GIRLS INSIDE

95-year-old Elsie Slonim started her life over many times, mostly in Cyprus

No fanfare for longest held captive whose family gave up searching for her

Pages 6-7

Page 10

www.cyprus-mail.com

May 12, 2013

TV and lifestyle supplements to see you through the week

€1.60

TALES FROM THE COFFEESHOP: STRANGE DAYS AT THE BANKS INSIDE Cyprus EU: erratic Christofias was ‘irritating at best’ 3

World Bloodshed blights Pakistan elections 9

Lifestyle Two films to look at complicated life of YSL centre

Property What to do in the garden this month 23

Sport Lampard breaks record in Blues win back

PAGE 17

Electricity cash quicker than gas Exporting electricity from gas power stations would yield profits far sooner than pricey LNG plant By Elias Hazou

A

N ISRAELI-led joint venture’s proposal to produce and export lucrative electricity from possible gas reserves within offshore Block 3 is being “considered” by the government, the Sunday Mail has been told. The venture had bid for Block 3 but was not picked, the exploration licence ultimately awarded to the ItalianKorean consortium of ENIKOGAS. But Dr Eli Barnea, CEO of Sigma Explorations Holdings Limited - which has a 75 per cent stake and was the designated operator in the Israeli joint venture - said this week that their offer still stands. The Israeli-led group’s proposal on Block 3 incorporated the construction of a power plant on the island for exporting electricity to Israel and for generating electricity for Cyprus’ local consumption, by linking the two countries’ grids via a subsea cable. Due to their geography, both nations are currently isolated in energy terms and vulnerable to failures at their main power plants, argues Barnea, citing the Mari disaster of 2011. In that respect, a 1500MW capacity plant in Cyprus would be a win-win for everyone. Barnea says the Cyprus government and the ENI-KOGAS consortium could be persuad-

ed to ‘farm-in’ the Israeli-led joint venture. One option might be for the Israelis to purchase part of the Block 3 gas from the Italian-Korean consortium. They would then finance a natural gas-powered plant on the island and sell the bulk of the generated electricity to Israel. In addition to the jobs created in building a facility, Cyprus would benefit from charging a fee for the export of electricity to the neighbouring country. Barnea sees Block 3 as being ideal for the project, because of the prospect’s close proximity to Cyprus shores - some 65km from Cape Greco. Moreover, drilling there would cost far less - about US$40 million compared to US$100 million in other prospects - because of the lower sea depths. Lower development costs in turn would yield lower electricity prices, making them attractive to the Israeli market. “With electricity, you need only be competitive on a regional basis. With natural gas, on the other hand, you’re competing on a global level,” Barnea argues. And electricity exports from Cyprus to Israel could begin from late 2015 or early 2016; by contrast, the option of exporting gas via a liquefied natural gas (LNG) plant cannot be achieved sooner than 2020 or 2021. Barnea holds that exporting

TURN TO PAGE 5

President Anastasiades attending the DISY party conference

(Christos Theodorides)

President: ‘We will feel proud again’ By Stefanos Evripidou IN A conscious effort to raise the country’s dampened spirits, President Nicos Anastasiades yesterday pledged Cyprus would get out of the quagmire and once again be a proud nation with dignity. In a rousing speech before the 15th congress of the ruling Democratic Rally (DISY), where he was made honorary party president, Anastasiades acknowledged the country was going through challenging times. “We are without doubt living through the

most difficult period since the 1974 invasion. Never before have we had to deal with so many cumulative challenges and impasses at the national, political and economic level. “Never before were the feelings of disappointment, uncertainty and insecurity experienced by our fellow citizens so strong,” he said. “I want to tell you something I feel very strongly. We’ll make it, we’ll make it, I promise you we will make it because I have the same tenacity, the same will and

TURN TO PAGE 2


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.