Popular Bank gets support from State

The House of Representatives late last night approved legislation providing for state support to the island’s second largest lender. The item was passed with 43 votes for, none against, and three abstentions.

Popular Bank seeking state aid

THE Popular Bank said yesterday it was in talks with the finance ministry and the Central Bank about state guarantees to raise fresh capital after being battered by the Greek debt write-down.

15 firms to bid for gas drilling rights off Cyprus

Major oil and gas companies such as Russia’s Novatec, Italy’s ENI, France’s Total, and Malaysia’s Petronas are among 15 firms and consortiums that are seeking to carry out exploratory drilling for gas deposits off southern Cyprus, the island’s commerce minister said Friday, despite Turkey’s strong objections.

Cyprus news

Government under fire for natural gas policies

By Stefanos Evripidou

MEMBERS OF parliament yesterday took pot shots at the government for its alleged undermining of the public interest regarding its policies on the exploration and exploitation of natural gas.

DISY deputies Averof Neophytou and Georgios Georgiou tabled a legal amendment before the House Watchdog Committee on the issue, co-signed by Greens deputy Giorgos Perdikis and independent Famagusta deputy Zacharias Koulias.

The bill seeks to bind the government to a tenders process for the second round of licencing regarding the remaining blocks in Cyprus’ Exclusive Economic Zone (EEZ).

The deputies tabling the bill argued that the majority in parliament were trying to find ways to protect the public interest in the long-term from the government’s handling of contracts that will be signed for the exploration and exploitation of hydrocarbon reserves.

According to Neophytou, the legal amendment prevents the government from bypassing a tender process for the next round of licencing, unless there is an issue of national interest for which the government would have to seek parliamentary approval first.

Speaking after the meeting, Neophytou said another legal amendment will be tabled before parliament tomorrow aimed at enshrining strict processes of good governance and securing the interests of the state, Cypriot citizens and future generations.

While “governments come and go”, the majority had an obligation to secure the public interest “particularly after the events of recent days”, said the DISY deputy.

He referred specifically to attempts by the government to bypass tender procedures for the second round of licencing, as well as the decision to put Interior Minister Neoclis Sylikiotis in charge of energy, taking over the competences of the commerce ministry.

Regarding reports of the creation of a think tank, Neophytou argued that in modern societies, think tanks are independent organisations set up by socially active citizens and scientists, providing food for thought to policy-makers.

“It’s not by chance the think tank was announced since round about the same time we learnt about the abolition of the Energy Service at the Commerce Ministry,” he said in reference to the government’s decision to curb the powers of Energy Service head Solon Kassinis.

The opposition deputy questioned whether Commerce Minister Praxoulla Antoniadou has become a technical expert in three months and can handle the issues with technocrats at the Service.

Asked whether the legal proposal was unconstitutional, he said the solution was simple, and required making sure that “no government can cite national interests to proceed with non-transparent procedures”.

AKEL deputy Aristos Diamanou said those who tabled the amendments made their intentions clear, to prevent the government’s ongoing efforts regarding the exploration and extraction of hydrocarbons.

He highlighted that the Legal Service informed the committee that the proposal was unconstitutional.

Diamanou also told reporters that Perdikis had acted in an “improper” manner during the meeting, tearing up a parliamentary rulebook and throwing it before him.

In response, Perdikis explained: “Various political circles are trying to silence us, trap us, tell us what to do, change our beliefs. We will not let them. I expressed my protest in a vivid way”.

He added: “They have to understand that with God’s help, we’ll be here until 2016 presenting our green policy, and let them go green from their spite.”

EVROKO leader Demetris Syllouris added: “in a democracy, there are no dead ends. Those who have a different view of democracy will realise that the majority has a right to impose its position.”


Source: www.cyprus-mail.com
October 26, 2011