Paralimni Marina gets eco ‘green light’

Paralimni will have its very own €100 mln marina within the next 4 years after the Environment Department has given the green light to the leisure project.

Paralimni marina will the second one in the Famagusta region, and the island’s fifth after Limassol marina, Saint Raphael, Larnaca and the Ayia Napa Marina which is soon to open.

It will have the capacity to host up to 300 yachts and is expected to be completed within 34 months while mix-use amenities surrounding the berthing facilities will be completed within 4 years.

According to the Environmental Impact Assessment (EIA) study, submitted with the authorities, the project will include residential and commercial developments.

A number of small villas and some 120 luxury apartments, as well as shops, restaurants, cafes, are included in the development plan.

As stated in the EIA, the aim is to deliver a high-standard marina, with safe and easy access for yachts, combined with high-quality facilities and services, to attract visitors and tourist all year round.

As the marina will be an official point of entry of the Republic of Cyprus, buildings hosting the relative facilities are also to be added to the project such as customs and other government facilities.

The marina is to be built some 5 km northeast from the centre of Paralimni, and north of Cape Greco between the Sirena Bay and the Golden Coast Hotel, covering an area of 29,000 sqm.

The multi-million euro project which is financed entirely by Cypriot investors, PMV Maritime Holdings Ltd.

Source: Financial Mirror

First glimpse of planned Larnaca marina and port project

The proposed €1b joint Larnaca port and marina project, the first designs of which were released to the media on Friday, will bring radical changes to the area.

Highlights of the proposal include hotels and residential towers at the marina, while the port will be expanded to be able to serve large cruise ships.

Transport Minister Yiannis Karousos announced the agreement between the government and the Cyprus-Israeli consortium Kition Ocean Holdings that is behind the project at a meeting with mayors of Larnaca district on Thursday.

Karousos described the deal as historic and said contracts will be signed in 10 days.

Larnaca Mayor Andreas Vyras welcomed the long-anticipated agreement which he said marked a new era for the town, the district as well as the economy more generally.

The project provides for port infrastructure, a marina, redevelopment of the land, a road network, green areas, parks and pedestrian areas as well as residential units and catering and recreation establishments over a period of 10 to 15 years.

Kition Ocean Holdings is proposing expanding the current marina so that it can berth 650 boats of between five and 150 metres.

The new marina will have catering venues, recreation and green areas, children’s play areas, shops, hotels, luxury villas and an educational and medical centre that can host students to study and train in hotel management, medical studies and marine studies.

At about €1b it is considered the biggest investment in Cyprus to date and on completion will create 2500 new jobs and create considerable revenue for the state.

Vyras told Phileleftheros that according to the briefing given by officials, the investment is within the framework sought by the town.

  • commercial use of the new port
  • tourist activity that will include deepening and expanding the port so that large cruise ships can dock there
  • hotels and luxury hotel suites, residential units for permanent residents, recreation areas, green areas etc

“We are talking about a project which is much bigger than the Ayia Napa marina project which is a very large project for Cyprus,” he said.

Vyras said work may start at soon as later this year.

Based on the Finance Ministry’s study the investment will lead to a €120m annual increase in Cyprus’ GDP.

Combined with the relocation of petrol facilities and the freeing and development of that section of the coastal front, the new project will give further momentum to Larnaca’s growth.

Source: In Cyprus

Deal to develop LNG infrastructure and supply in Cyprus reached

An agreement to sign a contract on developing the necessary infrastructure and the supply of liquified natural gas (LNG) in Cyprus has been finalised.

The goal is to be able to use LNG in the market for electricity purposes by the end of 2021.

The deal follows lengthy negotiations between the Natural Gas Infrastructure Company (Etyfa), the Natural Gas Public Company (Defa) and the joint venture JV China Petroleum Pipeline Engineering Co Ltd and Metron SA, which will carry out the project.

The government gave the go-ahead to finalise the deal on November 22 during a meeting at the Presidential Palace in which President Anastasiades made it clear that Defa must go ahead with the procedures for the provision of natural gas in Cyprus.

The final process of examining and signing the complex agreement will take place this week.

The joint venture will also include Hudong-Zhonghua Shipbuilding Co. Ltd and Wilhelmsen Ship Management Limited, vital for the conversion and transport at sea of the gas and will be based in the Vasilikos facilities in Larnaca.

LNG tanker carrier Galea, which will operate from 2021 to 2046, will be used as the Floating Storage Regasification Unit (FSRU).

The total cost for the installation and the deployment of the floating unit is estimated at around €260 million, of which €101 million will be covered by European Union funds.

Source: Cyprus Mail

What is an EUR1 certificate?

What is an EUR1 certificate?

If you’re considering exporting or importing from/to the Cyprus with a country that has a trade agreement with the EU, you need to know about the EUR1. The EUR1 is a movement certificate (a certificate of origin) that you need to claim a preferential rate of duty (usually zero) when moving goods between the EU and the countries on the agreement list.

Why do I need an EUR1 Certificate?

The EUR1 forms part of the required customs documentation. It must be presented to the customs office at the receiving country to benefit from a reduced rate of duty. Failure to produce will result in a bill for the normal customs tariff.

What sort of goods are covered?

To qualify the goods have to originate in the Cyprus or the EU or have been manufactured in a country with a trade agreement with the EU. You may be required to provide proof of this such as documentation relating to the manufacturing of the goods and the origin of materials.

Which countries have a trade agreement with the EU?

The countries with a current trade agreement with the EU include Albania, Algeria, Bosnia/Herzegovina, Ceuta and Melilla, Chile, Columbia, Egypt, Faroe Islands, Honduras, Iceland, Israel, Jordan, Lebanon, Liechtenstein, Macedonia, Mexico, Montenegro, Morocco, Nicaragua, Norway, Panama, Peru, Serbia, South Africa, Switzerland, Syria, Tunisia, Turkey, Ukraine, West Bank/Gaza Strip.

How do I get an EUR1 Certificate?

You can obtain an EUR1 certificate from the Chamber of Commerce.  For imports your supplier should obtain the EUR1 from the country’s customs authority.

You’ll need to present supporting documents with your EUR1 application. These include a commercial invoice and evidence of the information given on the form – a packing list or shipping document, for example.

Lakkotrypis: another milestone in Cyprus’ energy programme

Cyprus on Thursday granted the first hydrocarbon exploitation licence to the consortium that owns the Aphrodite concession, with a view to pipe gas to Egypt and export it in the form of LNG.

The licence, granted to Noble Energy, Shell, and Delek, is for 25 years.

It is based on a production and development program agreed between the government and the companies.

The plan provides for the gas to be piped to a liquefaction facility in Idku, Egypt and later exported to Europe and elsewhere in the form of LNG.

Shell, operators of the Idku facility, in which they also have a 35 per cent stake, will be the buyer of the gas.

“I believe that today’s development is yet another milestone in Cyprus’ energy program, demonstrating that, despite all the difficulties, our program is proceeding as planned,” said energy minister Giorgos Lakkotrypis at the signing ceremony.

Production from Aphrodite is slated to begin in 2025.

But several steps will precede actual production. The first is drilling a second appraisal well at the gas reserve, followed by a FrontEnd Engineering Design and, lastly, a final investment decision by the concessionaires.

Lakkotypis said the companies intend to drill a second appraisal well over the next 18 months.

Once production begins, Cyprus estimates to generate approximately $9.3bn (€8.4bn) over an 18-year time frame – or some $500m a year.

The estimated revenues are based on a revised production sharing agreement (PSA), also signed Thursday in tandem with the concession agreement.

The Aphrodite prospect holds 4.1 trillion cubic feet of gas.

The $9.3bn in revenues for the Republic are derived from a scenario forecasting an average of $70 per barrel of Brent oil in 2022.

The revised PSA is the outcome of year-long talks between the government and the companies.

Under it, the companies’ share of revenues rises when oil/gas prices are low; conversely, the share of the Cypriot state goes up when oil prices are high.

Lakkotrypis said the government agreed to this formula in exchange for iron-clad commitments from the concession holders.

The companies are contractually bound to adhere to strict development timetables, facing sanctions if they do not, including termination of the contract.

Overall, the companies will be spending approximately €7bn on well infrastructure, borehole drilling and maintenance and operation costs.

The signing ceremony at the ministry of energy was attended by the ambassadors of the United States, the United Kingdom and Israel.

“Cyprus is poised to become a natural gas producer and an alternative source of energy supply to the EU,” Lakkotrypis said later.

“At the same time, one more decisive step has been taken toward realizing the shared vision of countries in our region to create a Mediterranean natural gas corridor to Europe.”

The benefits to Cyprus would be manifold: gas sales revenues, job creation, the acquisition of technical know-how and, last but not least, strengthened relations with the countries involved in the project – Egypt, the United States, Britain and Israel.

Regarding Israeli claims to the Aphrodite prospect, Lakkotrypis said talks are ongoing with Tel Aviv, but that their outcome would not affect the reserve’s development.

A part of Aphrodite’s gas lies within Israel’s exclusive economic zone. Since the gas in the neighboring Yishai prospect, on the Israeli side, is part of a single geological reservoir, its production depends on agreements between the two countries.

Israel and Cyprus signed a delineation agreement in 2010 but haven’t agreed so far on how to develop gas reservoirs straddling both economic zones.

Source: Cyprus Mail

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We work intensively on Cyprus-Greece ferry link, Shipping Deputy Minister says

The Minister pointed out that these data which must be examined are quite complex, adding that there are various issues regarding government subsidy of passengers.

Shipping Deputy Minister Natasa Pilides has said that Ministry staff is working feverishly on the proposal to be presented to the European Commission regarding a ferry connection between Cyprus and Greece which is expected to be operational by the upcoming summer season.

Speaking to the press in Limassol, Natasa Pilides said that the Ministry is working very intensively on this matter noting that employees at the Ministry are exclusively dealing with this issue by preparing the data to be submitted to the European Commission.

She pointed out that these data which must be examined are quite complex, adding that there are various issues regarding government subsidy of passengers.

Pilides said that the Ministry has to be very careful to ensure that the commercial activities are not subsidized while at the same time several issues are being consulted with the Greek Ministry of Shipping.

Source

FPSO Cyprus

Intense international interest in Cyprus’ energy market

The first stage of Cyprus’ Gas Company’s (DEFA’s) tendering process for the supply of liquefied natural gas (LNG) has seen considerable interest from the international markets, the body said.

According to DEFA, 25 suppliers, among the most dominant in the global LNG market, are seeking to supply gas and have submitted the prerequisites to qualify for the next stages of bidding and negotiation.
“The intense market competition for LNG supplies confirms that the strategy to acquire an FSRU [Floating Storage Regasification Unit] is the right direction” an announcement said.

Bidders / suppliers claiming their participation in the next stages of bidding and negotiating are; Gunvor International B.V. Amsterdam, Naturgy LNG Marketing Limited, Centrica LNG Company Limited, Endesa Energia S.A., Cheniere Marketing International LLP, Equinor ASA, Novatek Gas & Power Asia Pte Ltd, Shell International Trading Middle East Ltd, Enel Global Trading, Eni Trading & Shipping S.p.A., Total Gas & Power Asia Private Ltd, Osaka Gas Kabushiki Gaisha, Powerglobe LLC, Repsol LNG Holding S.A., Petronas LNG Ltd, BP Gas Marketing Limited, Vitol SA, B.B. Energy (ASIA) Pte Ltd, Mytilineos S.A., Uniper Global Commodities SE, Marubeni Corporation, SONATRACH and Public Gas Corporation (DEPA) S.A., Eni SpA (Gas & LNG Marketing and Power), Glencore Energy UK Ltd and Mitsui & Co. Ltd.

DEFA, following customary international practice for the supply of LNG, launched an open call for Expression of Interest in June 2019. Through this process, DEFA will prequalify and proceed to contract with the LNG suppliers for the procurement of both “spot” cargos and basic quantities of gas. DEFA is expected to proceed to this next stage of the process at the beginning of the new year.

“Turning to natural gas is not only our national strategy but also our European commitment to meeting the environmental and energy goals set by the European Union. The fact that the competition has resulted in numerous and high-profile entries, makes us optimistic that we will also obtain competitive pricing,” said DEFA chief Symeon Kassianides.

With regards to the outcome of the evaluation of the tender for the construction and operation of the LNG infrastructure at Vasilikos, no challenge within the deadline was raised with the Tender Review Authority. As scheduled, the Natural Gas Infrastructure Company (ETYFA) will invite the first ranked consortium to sign the contract in the very near future, the announcement said.

Source: Cyprus Mail