Hotels have been destroyed and deserted in the abandoned coastal resort of Varosha, once a Greek Cypriot community (photo: dpa)

Dispute with Turkey casts shadow over Cyprus gas bonanza

The dispute between Greece and Turkey over divided Cyprus has become entangled in the broader international discord over both offshore energy and Ankara’s relationship with the European Union, including the increase in Israeli-Turkish tensions. Renewed negotiations between Ankara and Nicosia are mainly driven by the recovery of natural gas reserves off the Cyprus coast which could be profitably transported to Europe via a pipeline running through Turkey.

THE discovery of huge natural gas and oil assets in Israel and Cyprus’s adjoining Exclusive Economic Zones (Leviathan and Aphrodite Blocks) laid the foundations for w...

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Dr. Andreas Stergiou
The EU tried in 2013 to lessen Cypriot banks’ dependency on Russian money by imposing a very painful haircut on large deposits in return for a rescue plan for the ailing Cyprus economy
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