Industry & Trade
Greece, Egypt, Cyprus Urge Turkey to Quit Gas Search off Island
Published 2014-10-30 14:46:02| Amwal Al Ghad English
The governments of Egypt, Greece and Cyprus urged Turkey on Wednesday to stop trying to chart gas deposits in areas of the east Mediterranean claimed by Cyprus, saying the work was illegal. Cyprus, a member of the European Union, is anxious to develop the gas reserves in its so-called exclusive economic zone -- an offshore region lying south of the island. Turkey does not recognise Cyprus, ethnically split between its Greek and Turkish Cypriot populations, and the government in Nicosia has accused it of dispatching a research vessel to collect seismic data in the disputed area. The foreign ministers of Egypt, Greece and Cyprus met in Nicosia on Wednesday to prepare for a summit between the three nations next month, and condemned Turkey's actions. "The ministers deplored the recent illegal actions perpetrated within Cyprus's EEZ, as well as the unauthorised seismic operations being conducted therein," they said in a statement. Cyprus discovered an estimated 5 trillion cubic feet (tcf) of gas in one offshore field in late 2011 and has licensed U.S. energy firm Noble, Italy's ENI and France's Total to search for gas. "We are hopeful all activity in the eastern Mediterranean will conform with international regulations ... understandings which are based on good neighbourly relations," Egyptian Foreign Minister Sameh Shukri told reporters, flanked by his Cypriot and Greek counterparts. The gas row has already triggered a suspension of peace talks between Greek and Turkish Cypriots on the island partitioned by a 1974 Turkish invasion that followed a brief coup engineered by the military junta then ruling Greece. Egypt, which lies south of Cyprus, has penned a deal with the Nicosia government recognising sea boundaries between the two countries for the purpose of commercial exploitation. Cyprus has also signed a similar deal with Israel. Egypt is facing its worst energy crisis in decades, with declining gas production and high consumption that has turned the country from an energy exporter to a net importer in the past three years. Last week BG Egypt, a subsidiary of global energy company BG, said it had held talks with Cypriot officials on the potential of Cyprus supplying Egypt with gas. Cyprus has become particularly keen to develop offshore gas reserves as a potential source of revenue since it was compelled to seek an international financial bailout in early 2013.
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Etisalat Egypt and Huawei Technologies Company have signed a contract in order to establish center for operating Smart Care services with the aim of improving the quality of service. This contract is one of the acquired achievements from Memorandum of Understanding (MoU) regarding the cooperation for specialized services strategy that inked by Huawei and Etisalat Egypt in January 2014 in Huawei's headquarter in China.
Yahoo Inc is expected on Tuesday to outline cost-cutting efforts and give details of how it is evaluating possible acquisitions as it faces pressure from an activist investor, the Wall Street Journal reported, citing a person who was briefed on the plan. Yahoo is considering acquiring one or more large technology startups with some of the $5.8 billion it made from the initial public offering of Alibaba Group Holding Ltd, the newspaper said. Representatives at Yahoo did not immediately respond to an email seeking comment outside regular U.S. business hours. Last month, activist investor Starboard Value LP publicly pressured Yahoo to cut what it referred to as a "bloated" cost structure. Starboard, the second activist investor to target Yahoo in the last three years, also said the company should quickly "monetize" its Asian assets, which exceed the enterprise value of its actual business. Earlier this month, Yahoo said it is reducing the size of its operations in Bangalore, India, the Internet company's largest engineering facility outside its California headquarters. It is also closing its office in Jordan. Yahoo is "streamlining" its operations in foreign offices, which might involve a combination of closing offices, cutting jobs and moving workers to its Sunnyvale, California, headquarters, the Journal said.
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