Contract signed for Wind Park in Cyprus

Cyprus is to get its first wind park, one of the biggest in the Eastern Mediterranean, which is expected to be completed by the end of 2010.

The operation of the wind park is a step towards meeting EU objectives relating to energy production from renewable energy sources amounting to 13% by 2020, an official announcement said here today.

The contract for the connection of the first Wind Park, of a total power of 82MW, with the electricity transmission network in Cyprus was signed on July 19 between the transmission system operator of Cyprus and the producer (D.K. Windsupply Ltd), it added.

The wind park will be built by a Danish company in Orites region, in Paphos district, on the west, and will consist of 41 wind turbines of 2,0 MW each.

The European Investment Bank will contribute to the construction with 65 million euro, in addition to a partnership of other international banking institutions.

The announcement noted that the involvement of such major investors and their interest in financing this project demonstrates that the use of wind energy in Cyprus is possible and profitable.

The energy produced by the wind park will be channeled into the transmission network in accordance with the Grant Project of the Ministry of Commerce, Industry and Tourism and will be bought by the Electricity Authority of Cyprus at a price determined in the plan.

Source: Xak.com

Etihad expands services in Cyprus

MIDDLE-EASTERN airline Etihad is expanding in Cyprus by singing a code share agreement with Cyprus Airways.

The company now has three flights a week between Cyprus and the United Arabic Emirates. The airline operates a two-class Airbus A320, carrying around 140 passengers, with availability of 20 business seats and 120 seats in economy class.

Peter Baumgartner, chief commercial officer of Eithad Airways signed the code share MOU with commercial manager of Cyprus Airways Christos Agapiou yesterday in Nicosia during an official ceremony.

The agreement provides the opportunity to Cyprus Airways to use the CY code on Etihad flights between Larnaca and Abu Dhabi. The aim of the code share is to introduce Etihad Airways to the Cypriot market and to increase its presence with cooperation of the island’s national airline.

Source: Cyprus Mail

Cyprus has historic chance to heal the division

The European Commission urged estranged Cypriots Thursday to seize a "historic chance" to reunite their island, split by a conflict spanning decades and troubling Turkey's bid to join the EU.

"The time is now. Do not allow a situation where the younger generation will simply accept the status quo," EU Commission President Jose Manuel Barroso said.

"There is a historic chance now to end this conflict once and for all," he told journalists on a whistle-stop visit to the island, a member of the European Union since 2004.

Cyprus, divided between its ethnic Greek and Turkish Cypriot communities, is a key obstacle in Turkey's chances of joining the European Union.

The Mediterranean island was effectively partitioned in a Turkish invasion in 1974 in response to a brief Greek-inspired coup. Its government-controlled south represents Cyprus in the EU, with the north a breakaway Turkish Cypriot state recognized only by Ankara.

Cyprus's internationally recognized Greek Cypriots say they will never allow Turkey to join the bloc as long as the island is partitioned. Ankara's EU membership talks, which started in October 2005, have been partially frozen because of the situation on the island.

Turkey's progress in membership talks will be assessed later this year.

Greek and Turkish Cypriot community leaders launched peace talks last year, but progress has been slow.

Barroso said the EU Commission was ready to help and support a deal on Cyprus, but said: "We cannot make the deal...it is up to the Cypriots themselves to find a solution.

Cyprus has said it will support Barroso's re-election bid for a second five-year term for the EU Commission presidency.

Source:Reuters

Cyprus To Have Highest Growth Rate In Europe

Minister of Finance Charilaos Stavrakis said on Friday that Cyprus is expected to have the highest and only positive growth rate in Europe in the year 2009. Commenting the latest projections of the International Monetary Fund (IMF) that Cyprus' growth rate is expected to be 0.3% in the year 2009, Stavrakis said that according to calculations of the Ministry aduring the first quarter of 2009 Cyprus' growth rate will be ''quite satisfactory and close to 2%.''

He furthermore said that ''2010 will be a difficult year'' and assured that the government would be making sure to deal with current financial conditions in order to minimise the cost on the taxpayers and the economy in the years to come.

Speaking after a meeting at the Ministry to brief the private sector on the initialing of an agreement between Cyprus and Russia for the avoidance of double taxation and to discuss the action plan for 2009 for attracting foreign investments, Stavrakis said it was positive that, according to IMF figures, ''Cyprus is expected to have the best performance in the whole of Europe.''

This reaffirms the government's position that the fiscal policy it has been following is the right one, which secures the highest possible growth rate in very adverse external conditions,'' he added. Asked if the slower growth rate increases the state's costs, Stavrakis said ''it creates upward pressure on unemployment and possibly a great deterioration of public finances.''

'This is why we are handling public finances in a very conservative and cautious manner, in an effort to restrict ourselves to focused expenditure,'' he added. Stavrakis said ''2010 will be a difficult year and thus we need to maintain several fiscal ammunition in order to support the real economy,'' adding that ''any expenditure that is not a dire necessity at this moment to support the economy is expenditure that the taxpayer and the citizens will bear in the coming years.''

Source: Financial Mirror

Cyprus Airways Increases Flights To Dubai

Cyprus Airways announced that in summer they would fly to Dubai more frequently, namely three times a week.

Cyprus Airways will connect Larnaca Airport with Dubai with direct flights every Tuesday, Thursday and Saturday. The company also announced that for this air route it offers special low-priced fares starting from 260 euros including all taxes except service fee.

Cyprus Airways is the national airline of Cyprus. It operates scheduled services to over 30 destinations in Europe, the Middle and Near East and the Gulf. The company is listed in the Cyprus Stock Exchange (CSE). The Cyprus government is the majority shareholder.

Cyprus Industrial Turnover Up 8.7% In December 2008

Industrial turnover was strong in December according to the latest figures from the Statistical Service. The industrial turnover index reached 165.7 (base 2000=100), recording an increase of 8.7% compared with December 2007. Industrial production in the same period rose by only 1.9%, however.

For the period January-December 2008 turnover rose by 12.8% compared to the same period of the previous year, while production rose by 2.6%. The index comprises mining and quarrying, manufacturing, electricity, gas and water supply. For manufacturing, the index for December 2008 reached 158.1, recording an increase of 5.3% compared with December 2007.

Source: Financial Mirror

Etihad will fly from Abu Dhabi to Larnaca in Cyprus from June

Good news for travellers, Etihad will be flying to Cyprus three days a week from June.

James Hogan, Etihad Airways’ chief executive, said: “The launch of flights to Larnaca illustrates Etihad’s ambitions to strengthen our European network and we anticipate strong demand for flights which will help open up new commercial and cultural ties between the UAE and Cyprus.”

He added: “The new route also offers excellent connecting opportunities in Abu Dhabi, helping to link Larnaca with Cypriot communities worldwide and our new service this month to Melbourne will benefit greatly with the start-up in June of flights from Cyprus.”

The flights, scheduled to for Wednesday, Friday and Sunday, will also appeal to the UAE community who will be able to visit the attractive island for short weekend breaks.

Source: Time Out Dubai 2 March 2009