Finance Ministry’s efforts to manage hydrocarbons revenue
The Finance Ministry is working to set up an investment fund to manage the revenue from indigenous hydrocarbon deposits in a credible and transparent way, the Ministry of Finance said in a statement on Monday`s meeting the Minister of Finance Harris Georgiades had with the Energy Council.
According to the statement, the Finance Minister said at the meeting that the Ministry sees energy sector as the main drive for economic growth in the country, focusing on preparing Cyprus for the management of revenue from indigenous hydrocarbon deposits and investments in the broader energy sector.
“The Ministry is already working to create an investment fund which will manage the revenue from indigenous hydrocarbon deposits in a credible and transparent way, while securing safeguards for continuous control”, says the statement.
At the same time the Ministry stresses the need for attractive investment opportunities in the wider energy sector by private companies and / or private partnerships in collaboration with the public sector to raise funding from European banks.
The Energy Council briefed the Minister on an initiative to monitor and assess the current energy situation and strategy of Cyprus.
The Council has scheduled a series of meetings with local agencies on energy matters to exchange views. The current situation will be assessed and will be the basis for scenarios to develop an integrated and single Cyprus energy system up to the year 2050.