Cyprus - Energy Sector

Recent developments in Cyprus have proved substantial amounts of natural gas reserves in the Republic of Cyprus exclusive economic zone. Combining the proved reserves with the strategic geographical position of the island created a momentum of foreign investments in all layers.

The island also enjoys over three hundred days of sunshine complimented with strong winds which create the perfect scenario for renewable energy investments.

A multilayer infrastructure of authorities is already present, which our firm may liaise with to meet a client’s requirements.

The infrastructure consists of the following bodies :

• The Cyprus Energy Regulatory Authority (CERA) primarily monitoring authorizations.
• A Electricity Authority of Cyprus (EAC) Semi – Governmental entity handling the electricity distribution network.
• Cyprus Institute of Energy – Development and promotion of Renewable Energy Sources.
• Natural Gas Company (DEFA) – Responsible for all logistic operations of naturals gas in Cyprus.
• Minister of Commerce – Laws, Regulations and Agreements.

Additionally the Republic of Cyprus already signed agreements for the delimitation of the EEC ( Exclusive Economic Zone) of the following countries.

With Israel:

• Delimitation agreement of the EEZ with Israel (Dec 2010)

• Republic of Cyprus ratifies the delimitation of the EEZ with Israel by Law (Feb 2011)

With Egypt:

• Delimitation agreement of the Exclusive Economic Zone (EEZ) with the Arab Republic of Egypt (February 2003)
• Republic of Cyprus ratified the delimitation of the EEZ with the Arab Republic of Egypt by Law (March 2006)
• Framework Agreement relating to the development of Hydrocarbon resources (May 2006)

 With Lebanon:

• Delimitation agreement of the EEZ with Lebanon (Jan 2007)
• Republic of Cyprus ratifies the delimitation of the EEZ with Lebanon by Law (Nov 2007)

Spyros Arotis- Elena Aroti & Associates law firm may confidently assist a client’s request for a direct investment in Cyprus along with auxiliary services relating to immigration-migration, company formation and any other ad-hoc requirements as set by the client.

We offer legal advice and assistance to physical and legal entities, among others, also on the following:

• Oil and gas law
• National and EU energy law
• Public procurement procedures
• Negotiation with state authorities
• EU funding opportunities
• Taxation