INSTEAD OF leaving the management of Cyprus’ natural gas in the hands of a few, the government should commit its net profits from gas revenues to repaying the troika, said United Democrats leader and presidential candidate Praxoulla Antoniadou.
The former commerce minister argued that this would lift the massive burden placed on the public as a result of the draft memorandum agreed with the island’s international lenders.
Antoniadou pledged to renegotiate the memorandum with the troika if elected and commit net revenues from the natural gas in Block 12 of Cyprus’ exclusive economic zone to repayment of the loan, instead of keeping revenues “in the hands of a few self-appointed managers” of Cyprus’ natural wealth.
“The refusal of the government and opposition to accept supervision of the management of the billions (of euros) that will start flowing within a few years from Block 12 raises questions, especially where this refusal leads to transferring all the burden of repayment on the shoulders of the ordinary and innocent citizen,” she said.
Asked how feasible this was, Antoniadou argued that the troika was “clearly prepared” to remove some of their demands if they could secure repayment of what could potentially be a €17.5 billion loan through gas revenue from Block 12.
However, others were unwilling to do this. “First and foremost, they didn’t want to be subject to any control,” she said, referring to the present government and opposition.
“It is through our insistence that we lumped the greater part of the burden on the shoulders of the workers, the unemployed and pensioners.”
She further argued that lack of supervision in the banking system led Cyprus to where it is today: “We must avoid another sellout that will come from the lack of supervision in the natural gas sector.”
Antoniadou, who was unceremoniously removed from cabinet earlier this year, had a further bone to pick with the present government.
The former commerce minister referred to negotiations underway in March 2012 between the EAC and the European Investment Bank (EIB) for a loan.
Antoniadou had told the EAC to negotiate a one-year extension on the terms of the loan which stipulated that the EAC must start using natural gas for energy production by 2015.
Instead of doing so, the EAC circumvented the commerce minister, and on the orders of then finance minister Kikis Kazamias, signed the loan agreement including the term for utilising natural gas by 2015.
“The result was that the Republic of Cyprus committed to something it could not deliver,” she said.
The presidential candidate suggested the government appeared more keen to import natural gas than speed up the process for utilising its own gas.

Published by: www.cyprus-mail.com