First glimpse of planned Larnaca marina and port project

The proposed €1b joint Larnaca port and marina project, the first designs of which were released to the media on Friday, will bring radical changes to the area.

Highlights of the proposal include hotels and residential towers at the marina, while the port will be expanded to be able to serve large cruise ships.

Transport Minister Yiannis Karousos announced the agreement between the government and the Cyprus-Israeli consortium Kition Ocean Holdings that is behind the project at a meeting with mayors of Larnaca district on Thursday.

Karousos described the deal as historic and said contracts will be signed in 10 days.

Larnaca Mayor Andreas Vyras welcomed the long-anticipated agreement which he said marked a new era for the town, the district as well as the economy more generally.

The project provides for port infrastructure, a marina, redevelopment of the land, a road network, green areas, parks and pedestrian areas as well as residential units and catering and recreation establishments over a period of 10 to 15 years.

Kition Ocean Holdings is proposing expanding the current marina so that it can berth 650 boats of between five and 150 metres.

The new marina will have catering venues, recreation and green areas, children’s play areas, shops, hotels, luxury villas and an educational and medical centre that can host students to study and train in hotel management, medical studies and marine studies.

At about €1b it is considered the biggest investment in Cyprus to date and on completion will create 2500 new jobs and create considerable revenue for the state.

Vyras told Phileleftheros that according to the briefing given by officials, the investment is within the framework sought by the town.

  • commercial use of the new port
  • tourist activity that will include deepening and expanding the port so that large cruise ships can dock there
  • hotels and luxury hotel suites, residential units for permanent residents, recreation areas, green areas etc

“We are talking about a project which is much bigger than the Ayia Napa marina project which is a very large project for Cyprus,” he said.

Vyras said work may start at soon as later this year.

Based on the Finance Ministry’s study the investment will lead to a €120m annual increase in Cyprus’ GDP.

Combined with the relocation of petrol facilities and the freeing and development of that section of the coastal front, the new project will give further momentum to Larnaca’s growth.

Source: In Cyprus

We work intensively on Cyprus-Greece ferry link, Shipping Deputy Minister says

The Minister pointed out that these data which must be examined are quite complex, adding that there are various issues regarding government subsidy of passengers.

Shipping Deputy Minister Natasa Pilides has said that Ministry staff is working feverishly on the proposal to be presented to the European Commission regarding a ferry connection between Cyprus and Greece which is expected to be operational by the upcoming summer season.

Speaking to the press in Limassol, Natasa Pilides said that the Ministry is working very intensively on this matter noting that employees at the Ministry are exclusively dealing with this issue by preparing the data to be submitted to the European Commission.

She pointed out that these data which must be examined are quite complex, adding that there are various issues regarding government subsidy of passengers.

Pilides said that the Ministry has to be very careful to ensure that the commercial activities are not subsidized while at the same time several issues are being consulted with the Greek Ministry of Shipping.

Source

FPSO Cyprus

Intense international interest in Cyprus’ energy market

The first stage of Cyprus’ Gas Company’s (DEFA’s) tendering process for the supply of liquefied natural gas (LNG) has seen considerable interest from the international markets, the body said.

According to DEFA, 25 suppliers, among the most dominant in the global LNG market, are seeking to supply gas and have submitted the prerequisites to qualify for the next stages of bidding and negotiation.
“The intense market competition for LNG supplies confirms that the strategy to acquire an FSRU [Floating Storage Regasification Unit] is the right direction” an announcement said.

Bidders / suppliers claiming their participation in the next stages of bidding and negotiating are; Gunvor International B.V. Amsterdam, Naturgy LNG Marketing Limited, Centrica LNG Company Limited, Endesa Energia S.A., Cheniere Marketing International LLP, Equinor ASA, Novatek Gas & Power Asia Pte Ltd, Shell International Trading Middle East Ltd, Enel Global Trading, Eni Trading & Shipping S.p.A., Total Gas & Power Asia Private Ltd, Osaka Gas Kabushiki Gaisha, Powerglobe LLC, Repsol LNG Holding S.A., Petronas LNG Ltd, BP Gas Marketing Limited, Vitol SA, B.B. Energy (ASIA) Pte Ltd, Mytilineos S.A., Uniper Global Commodities SE, Marubeni Corporation, SONATRACH and Public Gas Corporation (DEPA) S.A., Eni SpA (Gas & LNG Marketing and Power), Glencore Energy UK Ltd and Mitsui & Co. Ltd.

DEFA, following customary international practice for the supply of LNG, launched an open call for Expression of Interest in June 2019. Through this process, DEFA will prequalify and proceed to contract with the LNG suppliers for the procurement of both “spot” cargos and basic quantities of gas. DEFA is expected to proceed to this next stage of the process at the beginning of the new year.

“Turning to natural gas is not only our national strategy but also our European commitment to meeting the environmental and energy goals set by the European Union. The fact that the competition has resulted in numerous and high-profile entries, makes us optimistic that we will also obtain competitive pricing,” said DEFA chief Symeon Kassianides.

With regards to the outcome of the evaluation of the tender for the construction and operation of the LNG infrastructure at Vasilikos, no challenge within the deadline was raised with the Tender Review Authority. As scheduled, the Natural Gas Infrastructure Company (ETYFA) will invite the first ranked consortium to sign the contract in the very near future, the announcement said.

Source: Cyprus Mail

LNG terminal Cyprus tender winners

Multinational consortium named for Cyprus LNG construction

Α multinational consortium of JV China Petroleum Pipeline Engineering Co Ltd, Aktor S.A. and Metron S.A., with Hudong-Zhonghua Shipbuilding Co. Ltd and Wilhelmsen Ship Management Limited ranked first in the evaluation for the construction of the infrastructure required for the introduction of natural gas in Cyprus, it was announced on Friday.

It followed a lengthy and complex tender process overseen by the state natural gas company, Defa, in cooperation with external industry experts.

The top ranked bidder had to satisfy a series of qualitative, quantitative and financial criteria, so as to be able to demonstrate an ability to perform at the high standards set by Defa regarding the development of the Cyprus natural gas market infrastructure.

“We are pleased to see the successful outcome of the process,” Defa chairman Symeon Kassianides said. “Here at Defa we believe that the future of the country is aligned with natural gas and we expect it to play a major role in the economic development of the country in years to come. The establishment of the natural gas market will boost the development of the whole energy and industry sectors of the Republic.”

The LNG Import terminal to be constructed includes a Floating Storage Regasification Unit (FSRU), a jetty for the mooring of the FSRU, jetty borne and onshore pipelines as well as additional facilities.

The LNG Import Project is co-financed by a grant from the EU Connecting Europe Facility (CEF) financing instrument.

Source: Cyprus Mail

Licences for ENI and Total to explore block seven

The cabinet on Monday licensed energy companies ENI and Total to explore block seven of Cyprus’ exclusive economic zone (EEZ) and approved a partnership between the two in five other blocks.

The cabinet also approved nine other drills inside the EEZ within the next couple of years.

Block seven neighbours the Calypso field in block six where ENI carried out an exploratory drill early in 2018 and is believed to hold between six and eight trillion cubic feet.

Total and ENI had applied for an exploration licence in block seven back in November 2018.

The joint projects include block three where in February 2018 Turkish warships prevented an ENI drillship from carrying out a drill.

Ankara has repeatedly warned Cyprus against taking “unilateral steps” in exploring and developing hydrocarbons without factoring in the Turkish Cypriots.

In September 2001, Turkey and the north signed a ‘continental shelf delineation agreement’.

Turkey’s claims on the island’s EEZ partly overlap with Cyprus’ blocks 1, 4, 6 and 7. Ankara also supports the north’s claims on blocks 1, 2, 3, 8, 9, 12 and 13, including within few kilometres from the Aphrodite gas field.

Turkey is currently carrying out exploration west and east of Cyprus, prompting protests.

Source

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zim join blockchain

ZIM Joins Maersk’s Blockchain Shipping Platform TradeLens

ZIM Integrated Shipping Services has signed on as a member of Maersk and IBM’s blockchain-enabled TradeLens platform.

Launched in 2018, TradeLens uses blockchain technology to drive transparency throughout the shipping process by digitizing documentation and making it available in real-time to all trading partners – from carriers to freight forwarders, customs officials, port authorities and more.

The success of the platform ultimately depends on whether Maersk and IBM will be successful in convincing other industry players to join. But to date, more than five million shipments have been recorded on TradeLens by more than 60 network members and 100 total ecosystem members, according to TradeLens figures.

ZIM joins Pacific International Lines (PIL), the world’s tenth largest containership operator, as the only other major carrier to become a TradeLens member.

“The addition of ZIM to TradeLens shows exactly why we worked with Maersk to create this solution,” said Daniel Melka, Country General Manager, IBM Israel. “Blockchain networks like TradeLens work best when comprised of a diverse network of participants who work together to affect change for an entire industry, which is what we are seeing happen with TradeLens.”

“What makes the solution so effective is its ability to deliver these benefits while still allowing carriers like ZIM and others to maintain their competitive advantages. The more carriers and other ecosystem members that join the platform, the closer we come to bring about a new era in global trade,” said Mike White, TradeLens leader for Maersk.

ZIM is expected to begin contributing data to the platform before the end of 3Q 2019.

Eyal Ben Amram, ZIM CIO commented: “We are very pleased to join TradeLens, as part of our vision to be at the forefront of digital innovation in shipping. ZIM endorses a proactive approach of promoting and investing in innovative digital solutions, such as the pioneering blockchain-based electronic Bill of Lading initiative, in collaboration with Wave Inc, and the recent investment in Ladingo, a ground-breaking e-commerce solution.”

brexit and cyprus

How to prepare for Brexit

Customs guide for businesses

In the absence of a Withdrawal Agreement, which would put in place a transition period until the end of 2020 (with the possibility of an extension foreseen in the Withdrawal agreement), the UK will be treated as a non-EU country for customs purposes as of 30 March 2019.

It is now urgent that businesses in the EU start preparing for the UK’s withdrawal, if they have not yet done so.

Brexit will affect your company if…

  • … it sells goods or supplies services to the UK, or
  • … it buys goods or receives services from the UK, or
  • … it moves goods through the UK.

What does this mean?

Without a transitional period (as tabled in the Withdrawal agreement) or a definitive arrangement, trade relations with the UK will be governed by general WTO rules, without application of preferences, as of 30 March 2019.

This means in particular that:

  • Customs formalities will apply, declarations will have to be lodged and customs authorities may require guarantees for potential or existing customs debts.
  • Customs duties will apply to goods entering the EU from the United Kingdom, without preferences.
  • Prohibitions or restrictions may also apply to some goods entering the EU from the United Kingdom, which means that import or export licences might be required.
  • Import and export licences issued by the United Kingdom will no longer be valid in the EU (EU27).
  • Authorisations for customs simplifications or procedures, such as customs warehousing, issued by the United Kingdom will no longer be valid in the EU (EU27).
  • Authorised Economic Operator (AEO) authorisations issued by the United Kingdom will no longer be valid in the EU (EU27).
  • Member States will charge VAT at importation of goods entering the EU from the United Kingdom. Exports to the United Kingdom will be exempt from VAT.
  • Rules for the declaration and payment of VAT (for supplies of services such as electronic services), and for cross-border VAT refunds will change.
  • Movements of goods to the United Kingdom will require an export declaration. Movement of excise goods to the UK may also require an electronic administrative document (eAD).
  • Movements of excise goods from the United Kingdom to the EU (EU27) will have to be released from customs formalities before a movement under Excise Movement and Control SystemSearch for available translations of the preceding link (EMCS) can begin.

What should you do?

All businesses concerned have to prepare, make all necessary decisions, and complete all required administrative actions, before 30 March 2019 in order to avoid disruption.

Follow the checklist below and get to know which practical steps you need to take as soon as possible to be prepared.

Brexit checklist for traders


  • ASSESS whether your business trades with the UK or moves goods through the UK.

If it does:

  • REGISTER your business with the national customs authority, if you have not done so for trading with non-EU countries.  You can find the contact details of the national customs authorities in this list.
  • ASSESS whether your business is ready to continue trading with or via the UK by having the necessary:
  1. human capacity (staff trained in customs matters);
  2. technical capacity (IT systems and others); and
  3. customs authorisations, such as for special procedures (storage, processing or for goods under the “specific use” rule).
  • ENQUIRE with your national customs authority about the existing customs simplifications and facilitations that are available for your business, such as:
  1. simplifications for transit procedures.
  2. comprehensive guarantees, with reduced amounts or waivers;
  3. simplifications for placing goods under a customs procedure;
  • CONSIDER applying for an Authorised Economic Operator (AEO) status from your national customs authority.
  • If you are registered for the VAT Mini-One-Stop-Shop in the UK, REGISTER in an EU27 Member State.
  • If you have paid VAT in the UK in 2018, SUBMIT your VAT refund claims sufficiently in advance of 29 March 2019 for them to be processed before that date.
  • TALK to your business partners (suppliers, intermediaries, carriers,…) as Brexit might also impact your supply chain.
  • CHECK our page with e-learning modules on Customs and Tax to see whether you or your staff needs extra training.

For more detailed technical information, you can consult the European Commission’s webpage which contains “preparedness notices” on a wide range of topics, including Customs and Taxes. To get additional information and assistance, contact your national authorities, your local Chamber of Commerce and Industry, or your industry association.

Source: EU