Cyprus Gas News: Gas profits should go to repay troika, says Antoniadou

INSTEAD OF leaving the management of Cyprus’ natural gas in the hands of a few, the government should commit its net profits from gas revenues to repaying the troika, said United Democrats leader and presidential candidate Praxoulla Antoniadou.

The former commerce minister argued that this would lift the massive burden placed on the public as a result of the draft memorandum agreed with the island’s international lenders.

Antoniadou pledged to renegotiate the memorandum with the troika if elected and commit net revenues from the natural gas in Block 12 of Cyprus’ exclusive economic zone to repayment of the loan, instead of keeping revenues “in the hands of a few self-appointed managers” of Cyprus’ natural wealth.

“The refusal of the government and opposition to accept supervision of the management of the billions (of euros) that will start flowing within a few years from Block 12 raises questions, especially where this refusal leads to transferring all the burden of repayment on the shoulders of the ordinary and innocent citizen,” she said.  

Asked how feasible this was, Antoniadou argued that the troika was “clearly prepared” to remove some of their demands if they could secure repayment of what could potentially be a €17.5 billion loan through gas revenue from Block 12.  MORE