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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

Cyprus: Move to set up fund to handle hydrocarbons wealth

Posted on 02 November 2012

Just hours after cabinet approved the start of negotiations to award licences for gas exploration in four of Cyprus’ offshore blocks, Commerce Minister Neoclis Sylikiotis met with the Legal Service yesterday to discuss how best to manage the potential gas revenue.
Speaking to the state broadcaster, Sylikiotis said he gave instructions to the Attorney-general to prepare a bill setting up a hydrocarbons fund to handle the massive wealth expected from the natural gas in Cyprus’ exclusive economic zone (EEZ). The minister said the authorities were partly basing their plans on how to handle potential gas revenue on the “Norwegian model” of handling sovereign wealth produced from its own natural resources………………………………………..Full Article: Source


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