Cyprus & Russia nearer to closing ties on energy deal

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The Cypriot ambassador has spoken out about his support for the involvement of Russian companies in the Cyprus energy market. The island is reliant on fossil fuel imports to meet its growing electricity requirements, and currently spends over 8% of its GDP to cover the cost.

Until the recent meetings, no oil or gas exploration franchises have been granted to Russian companies for the previous 3 licensing rounds in Cyprus.