The Speaker of the House of Representatives, Mrs Anita Demetriou, held a meeting today, Tuesday 5 July 2022, with the Chairman and members of the Board of Directors, as well as the acting General Manager of the Cyprus Hydrocarbons Company (HCC).
During this meeting, the Speaker of the Parliament had the opportunity to be briefed on the role and responsibilities of EIC which are carried out in full cooperation with the Ministry of Energy, Trade and Industry. In particular, the above-mentioned delegation informed the President of the Parliament about its responsibilities, including the commercial management of the Republic of Cyprus' rights on the basis of the proportional sharing contracts it has signed, the evaluation of hydrocarbon resources in the Cypriot exclusive economic zone (EEZ) and the submission of recommendations to the Ministry of Energy, Trade and Industry for their better exploitation in the interest of the Republic.
At the same time, the Speaker of the Parliament was informed about the current developments in the hydrocarbons sector in the Cypriot EEZ, as well as the contribution of the EEZ to the achievement of the government's goals for a green economy through the possible exploitation of the offshore part of the Cypriot EEZ for the production of renewable energy sources.
Furthermore, the above-mentioned delegation referred to the need that has arisen due to international developments for the development of the necessary infrastructure and for the production of natural gas which will constitute the transitional stage towards the energy transition. In addition, the above delegation of the EIC expressed its intention to provide technical information to both stakeholders and the public on issues within its competence.
For her part, the President of the Parliament praised the role played by the EIC with its expertise and its significant contribution to the achievement of the government's objectives towards the energy transition. Finally, she stressed the importance of frequent updates from the EIC on developments in the hydrocarbons sector, while expressing her readiness for close cooperation between the Parliament and the EIC.
(Text as sent by the House of Representatives)
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