November 05, 2012<\/p>\n
RECORDER REPORT<\/p>\n
Cyprus on Sunday vowed to continue to develop offshore natural gas reserves, accusing arch-rival Turkey of trying to stir tensions after warning multinationals off participating in the island’s projects.<\/p>\n
Sharpened rhetoric between the two neighbours bitterly divided by a war almost 40 years ago underscores tensions in the east Mediterranean over a potential oil and gas bonanza worth billions.<\/p>\n
Cyprus on October 30 said it would start talks with multinationals including Italy’s ENI, South Korea’s Kogas, France’s Total and Russia’s Novatek for the potential development of natural gas fields to the island’s south.<\/p>\n
Turkey maintains ethnically-split Cyprus has no right to explore for oil or gas. On Friday it warned ENI that it would review that firm’s investment in their country if it went ahead with the Cyprus project.<\/p>\n
“Turkey is once again showing its true face,” Cyprus’s foreign ministry said. “It is a record burdened with violations of international law both as regards its international, and national mode of behaviour.”<\/p>\n
via Cyprus ignores Turkey, says to continue with natgas projects | Business Recorder.<\/p>\n","protected":false},"excerpt":{"rendered":"
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