AS we have been reporting, tiny Cyprus with its population less than a fifth that of Scotland has been challenging Turkey through the courts over the latter’s drilling for oil and gas in waters internationally acknowledged as belonging to Cyprus.
The issue developed massively on Monday when the EU, of which Cyprus is one of the smallest members, decided on sanctions against Turkey including the reduction of so-called accession funding aimed at assisting Turkey to join the EU.
That is a development with huge implications for a possible Brexit People’s Vote because the threat of Turkey, with its near 80 million population, joining the EU was a major plank in the Brexiteers’ platform prior to the referendum. Now Turkish accession looks increasingly unlikely any time soon, if ever.
Cyprus has been split in two since Turkey invaded the island in 1974 to protect ethnic Turks in the wake of a coup that attempted to unite Cyprus with Greece. The Republic of Cyprus was formed and joined the EU in 2004, while only Turkey recognises Northern Cyprus.
The discovery of huge reserves of gas in the Eastern Mediterranean has prompted the tension. The island nation has taken the owners of two Turkish drilling ships to court, and is seeking the arrest of 20 people involved in the drilling operations. Monday’s sanctions by the 28 EU foreign ministers included the suspension of talks on an air travel agreement between Turkey and the EU.
Turkish Foreign Minister Mevlut Cavusoglu reacted by saying the EU sanctions were “worthless” and that the EU was “prejudiced” against Turkish Cypriots.
He said: “The EU needs us concerning the migration issue or other issues. They will come to us and hold contacts; there is no escaping that.”
He added: “They know that the decisions they took cannot be applied. They were forced to take the worthless decisions under pressure from the Greek Cypriots and Greece.”
Norwegian backing for offshore wind
DESPITE all the evidence to the contrary, there are those like the UK Government who still say that investing in renewables is not worthwhile.
Tell that to Norway which is following its massive investment in Scotland’s Hywind wind farm with another huge buy into an English offshore wind farm.
Via its Danske Commodities energy trading subsidiary, Norwegian energy giant Equinor has signed a 15 year power purchase agreement (PPA) to buy the energy produced by the Dudgeon wind farm off the east coast of England.
This follows its recent 20-year PPA deal for Hywind Scotland – the world’s first floating wind farm off Peterhead – and means Equinor has now increased its renewables portfolio in the UK by more than 50% in little over a month.
The sums and prices involved have not been disclosed, but a second huge investment in North Sea offshore wind shows Norwegian confidence in the renewables sector where it is trying to be less dependent on oil and gas.
Irene Rummelhoff, executive vice president of marketing, midstream and processing at Equinor, said: “The Dudgeon offshore wind farm is part of Equinor’s strategy to gradually supplement our oil and gas portfolio with profitable renewable energy. Offshore wind has been the natural place to start, as we can build on our maritime expertise, experience from complex projects and our supplier chain.”
Equinor largely developed Hywind Scotland and through Danske signed the 20 year PPA deal last month.
Danske Commodities CEO Helle Ostergaard Kristiansen said at the time: “The agreement with Hywind Scotland marks a new chapter for Danske Commodities. By adding a 20-year PPA to our long-term portfolio, we will continue to strengthen our position in the PPA market.”
Huge boost for Malta’s business funding
WITH its population less than that of Edinburgh, Malta is copying the Scottish capital in one way as it is becoming a financial powerhouse for international business development.
HSBC Bank Malta plc yesterday launched a €250 million HSBC International Business Fund (HIBF) to support ambitious companies looking to steer their business to new horizons.
Executive director and head of business development for HSBC Malta said: “The €250m fund enables investors, traders and businesses to embark on new journeys by connecting them to international opportunities.
“With offices on the ground in 53 countries and territories, and more than 5000 relationship managers operating worldwide, HSBC is in a unique position to connect potential customers in new markets, provide local insight through our people on the ground, and offer the financial support for businesses in Malta to expand globally. This fund is also available to assist international businesses who want to invest in Malta to continue assisting the local economy to grow.”
HSBC Malta chief executive Andrew Beane said: “Today’s economy is global and interconnected and at HSBC we are able to connect Maltese businesses to fast-growing markets around the world. With the launch of our quarter-of-a-billion-euro International Business Fund we are ready to support local companies that have the ambition to stretch towards new horizons. I firmly believe that considering Malta’s size, businesses must look beyond the island’s shores for further growth opportunities.”
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