Can Cyprus Become a Regional Energy Hub?

18:20 - 13 Σεπτεμβρίου 2016

Frequently we hear the aspiration of transforming Cyprus into a regional energy hub. Turkey flirts more prominently with the idea while Egypt more recently voiced serious interest. Considering the economic importance of energy hubs not only for the host country but to the world’s economy it is instructive to explore what an energy hub is and what does it take to establish one. Starting, energy hubs are divided into oil hubs or natural gas hubs. They are important for a host of reasons, namely, the financial benefits from trading activities, employment opportunities for maintaining storage and transportation facilities, geopolitical leverage, access to petroleum supplies and value adding activities such as refining crude oil or raw materials for petrochemicals and the technical know-how possessed by oil companies and contractors.
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