» Home    » Cyprus Timeline    » Contact Us    » Links

Embassy News

Opening statement by the Minister of Energy, Mr Y. Lakkotrypis, at the Press Conference for the Energy Charter Conference
2013-12-06 15:19:27

Developments in the area of energy investment promotion and protection are being discussed during the 24th Meeting of the Energy Charter Conference in Nicosia. The Conference is organized by the Ministry of Energy, Commerce, Industry and Tourism, in cooperation with the Energy Charter Secretariat. More than 140 participants from 89 countries, including Ministers, Deputy Ministers, top officials and academics are attending the Conference, which is of pivotal significance for Cyprus.

Energy Minister Yiorgos Lakkotrypis addressed the opening session of the Conference, noting the following:

Developments in the area of energy investment promotion and protection are being discussed during the 24th Meeting of the Energy Charter Conference in Nicosia. The Conference is organized by the Ministry of Energy, Commerce, Industry and Tourism, in cooperation with the Energy Charter Secretariat. More than 140 participants from 89 countries, including Ministers, Deputy Ministers, top officials and academics are attending the Conference, which is of pivotal significance for Cyprus.

Energy Minister Yiorgos Lakkotrypis addressed the opening session of the Conference, noting the following:

“On behalf of the hosting country of Cyprus, I would like to welcome you all to this Press Conference for the 24th Meeting of the Energy Charter Conference, co-organised in Nicosia by the Ministry of Energy, Commerce, Industry and Tourism and the Energy Charter Secretariat. It has truly been a great honour for our small island to be hosting this year’s Meeting, welcoming in Cyprus more than 140 representatives of 89 members and observers of the Energy Charter, that include, amongst others, the European Union, the Organisation for Economic Cooperation and Development and the United Nations Economic Commission for Europe.

As I am certain that you are already aware of, the two day Meeting began yesterday with a Ministerial Session, during which a well selected panel of speakers, Ministers, technocrats, stakeholders and academics, exchanged views and concerns regarding energy investments and their protection. By assessing the last fifteen years of practice and theory in energy investment promotion and protection under the Energy Charter Treaty, we were in fact able to see how the Treaty has progressed since the early nineties – when it emerged as a declaration of political will to promote cooperation in energy – how it is currently put into practice and, more importantly, how it can be enhanced further.

As a legally binding multilateral instrument, the Energy Charter Treaty contributes greatly in promoting the investments that bring energy across the borders and seas, between the countries of Eurasia. Moreover, its fundamental objective, of ensuring the creation of a level playing field and medicating investment risk in the energy sector between exporting, transit and importing countries, is of the outmost importance to all its members, especially Cyprus.

For Cyprus, which still remains an isolated energy market at the heart of the South Eastern Mediterranean, energy investments are becoming increasingly important. The European targets set for completing the internal energy market and ending energy isolation, pave the way for energy interconnections with Europe and neighbouring countries. Additionally, the recent hydrocarbon discoveries in Cyprus’ Exclusive Economic Zone, necessitate both binding agreements with our neighbours based on International Law, as well as a number of different investments in large scale oil and gas infrastructure.

Today’s statutory session is focused on the internal workings of the Energy Charter Process itself, reaching important decisions on a number of technical, legal and financial issues, that will ensure that the Energy Charter remains productive and relevant to the current energy trends and demands. In addition, the progress of the Working Groups during last year was reviewed and Energy Charter members agreed on action plans for the years ahead.

Specifically, two important milestones were established during this Conference in Cyprus. The first one, is the laying down of new rules and procedures regarding the designation of future chairmanships of the Conference, which now will be the responsibility of countries instead of individuals and with our dear friends from Kazakhstan having this responsibility for the year 2014. This will enable a deeper and more direct involvement of the member countries in the Energy Charter Process. Secondly, a clear mandate was given for the updating of the Energy Charter Declaration Document, which will open the process to more countries outside the constituency. More information on the results will be provided by our dear friend, Secretary General Ambassador Urban Rusnak in a few moments.

Overall, I would assess the work conducted in Cyprus during this two-day Meeting of the Energy Charter Conference – and I am certain that the Secretary General agrees with me – as extremely productive. I am also positive that through the sessions held, the countries participating have gained a better understanding of the existing global concerns and challenges and that the conclusions reached will go a long way towards enhancing the Energy Charter’s international role in promoting and protecting energy investments”.

Source: Press and Information Office

Printer Friendly Page