Commerce Minister Neoklis Silikiotis today met with officials from the French energy giant TOTAL in an effort to speed up the signing of an agreement to start gas exploration.

The Minister has already concluded negotiations with a joint venture made up by Italian ENI and South Korean Cogas, which have obtained exploration licences for two fields in the Cyprus Exclusive Economic Zone.

Silikiotis has said that there is a pressing need to sign agreements with foreign energy companies so as to send out a strong message over the possibility of the economy to quickly come out of its present recession.

He also said a speedy conclusion of agreements on gas exploration will also speed up infrastructure construction, which will help alleviate the unemployment problem.

Silikiotis said final agreements for gas exploration will be the base on which the State Hydrocarbons Company will work to attract foreign investment.

Silikiotis said economic recovery based on gas exploration could be possible within two years.

Published by: www.famagusta-gazette.com