EUROPA – PRESS RELEASES – Press release – European Commission adopts ‘Partnership Agreement’ with Cyprus on using EU Structural and Investment Funds for growth and jobs in 2014-2020

The legislative triangle of the European Union

The legislative triangle of the European Union (Photo credit: Wikipedia)

This is a MUST READ press release from the European Commission who  are planning to give Cyprus EUR700 million.   via

EUROPA – PRESS RELEASES – Press release – European Commission adopts ‘Partnership Agreement’ with Cyprus on using EU Structural and Investment Funds for growth and jobs in 2014-2020.

The press release will be of interest to those interested in both Cyprus and EU reform.

Whilst the EUR700 is good news, it will no doubt come with qualifications from the various EU funds. Careful reading of the document shows that the approach is “The EU has lots of money, guys how can we give some to poor old Cyprus?”.

There is no evidence of a strategic review of Cyprus. Indeed the press release fails to mention Cyprus huge offshore gas reserves.

If the EU were giving out aide in response to strategic requirements of the EU and Cyprus, it would focus on both offshore oil and gas.

Given the overall context of Europe’s crisis, the size of the EU’s available funding and the strategic importance of investing in Cyprus’ energy sector, the promised EUR 700 million is far too small.

Clearly, the EU process is paternalistic and political, so the strategic needs of both Europe and Cyprus have not really been considered. This, of course, brings into serious question the effectiveness of the European Commission.

Any thoughts?

Globes English – China’s CNOOC in Cyprus talks with Delek and Noble Energy

 

Map of Cyprus with EU flag

Map of Cyprus with EU flag (Photo credit: Wikipedia)

This is an important article for Cyprus from Israeli business news service, Globes. Check it out!

via Globes English – China’s CNOOC in Cyprus talks with Delek and Noble Energy.

This is potentially excellent news for Cyprus.

Meanwhile, with Europe’s energy policy in disarray, there is still an urgent need for an EU strategy and priority investment in Cyprus, in my view.

Let me turn this to an open question:

With Chinese investors keen on Cyprus’ offshore LPG, what should be the strategic response from the EU?

Any thoughts?