Day: March 21, 2024

ANKARA: The UN secretary-general on Thursday called on the international community to stick to principles without double standards, whether in Ukraine or Gaza. Antonio Guterres deplored the 'chaotic' situation in the world, 'a situation of impunity, in which any country or armed group believes it can do whatever it wants because there is no accountability,' he told reporters at the doorsteps of the EU Council meeting venue in Brussels. He stressed the importance of adhering to "the United Nations Charter, international law, territorial integrity of countries, and international humanitarian law." Guterres also expressed regret for a "number of civilian casualties in Gaza that is unprecedented" during his tenure as secretary-general, and recalled that "a basic principle of international humanitarian law is the protection of civilians." 'We must stick to principles in Ukraine, as in Gaza without double standards, and at the same time we must push the world to move progressively into some orderly form of mult ipolarity with strong multilateral institutions,' the UN chief emphasized. Guterres believes that the only way to achieve a multipolar world is through the leadership of a "strong and united European Union." The secretary-general, in this context, hailed 'excellent cooperation' between the UN and the bloc, urging it to 'play a very active role in relation to the central questions, the existential questions that threaten today's world,' such as climate change, artificial intelligence, and deep inequalities. Meanwhile, EU Council President Charles Michel vowed that the bloc will work toward making sure that it can play 'a positive role to support a world based' on principles and rules. The cooperation between the EU and the UN is 'central,' Michel further said. During the two-day summit, EU leaders will discuss Ukraine's support, the Middle East situation, enlargement issues, migration, and agriculture. Source: Anadolu Agency

President Nikos Christodoulides will take part in the EU Summit in Brussels on Thursday. During a working lunch EU leaders will also discuss with UN Secretary-General Antonio Guterres the situation in the Middle East and the state of play in Ukraine. On the sidelines of the summit, President Christodoulides is also likely to discuss with the UN chief the efforts to revive the UN-backed talks on Cyprus. The President will also take part in the European People's Party (EPP) summit and later he will join the EU Summit and a working dinner focusing on the Middle East, EU's support to Ukraine in the face of Russia's continuing invasion and global challenges. Guterres travelled to the EU capital on Tuesday to hold contacts with EU leaders and officials. Source: Cyprus News Agency

ANKARA: Vietnam Vice President Vo Thi Anh Xuan on Thursday took charge as acting president a day after Vo Van Thuong stepped down from the post. An official statement said he will hold the position in an acting capacity until the National Assembly elects a full-fledged successor to take the reins. Born in 1970, Vo was elected vice president at the April 2021 working session of Vietnam's National Assembly. On Wednesday, Vo Van Thuong stepped down from the post. On the reason for his departure, the ruling Communist Party said: 'His violations and flaws have negatively affected the public perception and the reputation of the party and the state." Born in 1970, ex-President Vo was elected just over a year ago, on March 2, 2023. Source: Anadolu Agency

Energean recorded new production growth in the first two months of 2024. Specifically, the company said in a statement that from 123 thousand barrels of oil equivalent (kboe) per day on average in 2023, in the two months of January-February of 2024, production rose to 144 kboe per day, with 82% of this being in natural gas. Energean's management disclosed these figures on Thursday as part of its official update to the London and Tel Aviv stock exchanges on its final 2023 results. Operational Highlights --------------- According to the company, its first major step-up in production is achieved, with production for 2023 at 123 kboed (83% gas), up 200% year-on-year, primarily as a result of a full-year of production from Karish (Israel). Day-to-day production in Israel continues to be unimpacted by the ongoing geopolitical developments, it adds, noting that FPSO uptime (excluding planned shutdowns) was 99% in Q4 2023. Moreover, the NEA/NI development (Egypt) was completed in December 2023. According to the statement, Karish North and the second gas export riser were brought online in February 2024. Confirmed year-end 2P reserves were at 1,115 mmboe, stable year-on-year before produced 2023 volumes and demonstrating material reserves life of around 19 years. Additionally, new gas contract was signed in Israel in February 2024. This adds circa $2 billion of revenues over the life of the contract and is in line with the Group's strategy to secure long-term reliable cash flows. Moreover, the company's entrance to Morocco, through farm-in to Chariot Limited's Lixus and Rissana licences, is expected to be completed imminently. Financial Highlights ---------------- The Group reports strong financial performance, underpinned by a full-year of production from Karish. In 2023 sales and other revenues were at $1,420 million, representing a 93% increase (2022: $737 million). Adjusted for EBITDAX, it was at $931 million, representing a 121% increase (2022: $422 million). Profit after tax for 2023 was at $185 million, noting a significant improvement versus the previous year (2022: $17 million). Profit after tax was negatively impacted by $100 million of deferred tax charges. For Q4 2023, dividend of 30 US$cents/share, declared on 22 February 2024, is scheduled to be paid on 29 March 2024. A total of 210 US$cents/share (approximately $370 million), including the Q4 2023 dividend, was returned to shareholders since maiden payments began. Additionally, a 42% year-on-year reduction in carbon emissions intensity to 9.3 kgCO2e/boe was achieved and an 86% reduction since the original baseline year, ahead of schedule with the Group's stated 2019-2025 target. For 2024, the outlook production guidance is reiterated at 155 - 175 kboed (production to end-February was 144 kboed; 82% gas), a significant step up towards Energean's near-term targets. Mathios Rigas, Chief Executive Officer of Energean, commented that 2023 was another transformational year for Energean. "We grew production by 200% year-on-year, reached c. 150 kboed pe ak production and brought NEA/NI online on time and on budget". He said that, despite the challenging geopolitical environment, all of the operations were managed without any impact from the regional conflicts. "Since the year-end, the start-up of Karish North and the second gas export riser mean we are now able to utilise the FPSO's maximum gas capacity and our production guidance illustrates the next step towards our near-term target of 200 kboed", he added. Commenting on the Group's strong financial year, he said that these strong results coupled with the company's long-term gas contracting strategy, which underpins their dividend policy, has seen them return approximately $370 million to shareholders since their inaugural payment in Q3 2022. 'We are looking beyond our near-term targets and this is reflected in our new Morocco country entry project and in Italy, where we see a new era for the industry following the annulment of prohibitive laws, thereby releasing previously restricted acreage. We also re main alert to opportunities that fit our key business drivers (paying a reliable dividend, deleveraging, growth, and our commitment to Net Zero) and can move quickly to take advantage when they arise", he said. Moreover, he noted that concerning sustainability, "we are contributing to Israel's transition away from coal as well as its, and the wider region's, energy security - helping to meet the growing demand for natural gas. We further reduced our emissions intensity and have now delivered an 86% reduction from our original 2019 baseline. We are also now rated AAA by MSCI. Our Prinos Carbon Storage ('CS') project will add another pillar and help decarbonise heavy industries in Southeast Europe, in line with our commitment during COP28". Finally, Rigas underlined that this "ongoing success" is due to the entire global team working together during what has been a challenging period in the East Mediterranean. "I am proud to lead such a diverse and dedicated team and as we continue to grow, our commitment to integrity, corporate sustainability and operational excellence will remain", he said. Source: Cyprus News Agency

The aim of Thursday's meeting of senior officials about the 'Amalthea' initiative is to see how we can max up our operational capacity, said Foreign Affairs Minister Constantinos Kombos. Speaking to reporters on the sidelines of the meeting, held with 36 countries participating, Kombos said that among those present are also G7, the EU and the UN 'and what is a very important presence of all major agencies relating or having to do with humanitarian aid, plus NGOs that are actively involved or could be utilised in the near future.' He added that the aim of the forum today is to see 'how we can max up our operational capacity, both in terms of departure in terms of means of Transport and also in relation to the reception in distribution methodology.' The second issue, he added, 'is the establishment of a fund that will be able to finance the operational activities of the plan.' Thirdly, he said, it 'is about integrating all the states and entities that are participating in order to have a synchronized pace f or our actions.' Asked if he is envisaging infrastructure work here and how many boats will be leaving per day, the Minister said it is not about infrastructure here, 'it is about personnel, it is about procedures, it is about database, it's about very technical issues that are very important at the same time.' He underlined that it is not about creating new infrastructure here because "we don't have the time to do that' and explained that 'the critical infrastructure is here, and this what we are utilising and leveraging in terms of our geographical position in the area.' Regarding the number of boats leaving per day, the minister said 'the answer is, as many as possible, provided that this is what the system, the plan can manage in terms of operational capacity.' You have to remember, he underlined, 'that there are limitations in terms of the reception and distribution and the whole point is not just to stockpile aid here and wait for it to go to Gaza.' 'It is about a quick turnaround so that we are as efficient as possible,' he said, integrating 'all the interested entities and also managing the distribution in a way that maximises the flow of aid that reaches Gaza.' Asked how much he expects will be pledged at the forum today, Kombos clarified 'today is not about a pledging conference as such' and that this was not a donors' conference. 'There are countries that came out and announced in a way pledges but it's all about an ongoing process. We need to establish the fund as well because announcing the pledge and having the mechanism to do something about it is two different things,' he remarked. 'So we are asking everyone being involved to participate. This is what the point of today's meeting is all about,' the FM added. At the same time, it is 'also about pacing our joint initiatives together so that the fund is established, the money can be funneled into a fund and then we can have that operationalising.' Asked who will administer the fund, the Minister said 'this is something that we are discussing right now. It is one issue the ownership and another issue the actual management. We have certain ideas. We have discussed this with a number of states of the core group.' The main principle is very clear. It's about transparency and accountability and the efficient use, said Kombos, adding that 'we are not in any way dogmatic as to how this can be done. It should be done in a way that keeps the international attention on this project so that it is viable not just now where there's attention but in the longer run.' The Minister also said the second boat is ready and is waiting at Larnaca Port to leave ether by the end of the week or the beginning of next week. The delay was due to the weather conditions in Gaza, he added. Source: Cyprus News Agency

The United States will continue to lead the international humanitarian response to get more assistance into Gaza, including through the Amalthea corridor as well as airdrops with regional Partners, said Chief of Staff for the U.S. National Security Council (NSC) Curtis Ried. In his opening remarks during a press conference on Thursday at the Joint Rescue Coordination Center (JRCC) in Larnaca, he said the United States and its partners share 'the deep concerns about the insufficient amount of humanitarian aid reaching Palestinian civilians in Gaza'. Noting that the pier the US military is constructing is estimated to be ready by 1st of May, Ried said 'these efforts can and must be part of an immediate effort to increase the flow of aid, through all possible routes, including through Ashdod Port, more and expanded land routes, more crossings and most importantly more trucks going into Gaza'. He said this was something that Washington will continue to raise with its Israeli counterparts on a daily basis. 'We 'll also continue to underscore the urgency of reaching a ceasefire that facilitates the release of hostages and a surge of humanitarian assistance into Gaza', the US diplomat added, notin 'this is an urgent priority and the best way to alleviate suffering in Gaza.' Regarding the international forum held in Larnaca on Thursday on the Amalthea maritime corridor initiated by Cyprus, he said 'our team shared a detailed briefing on our effort to establish a temporary pier along the coast of Gaza which will help sustain the flow of additional humanitarian assistance into Gaza by this new maritime corridor'. The US military, he said, 'is doing everything they can to accelerate the deployment of this capability to make it operational prior to the May 1st target date, that they've set'. At the same time, Ried said with throughout the course of discussions today 'we worked with our partners to develop a list of assets and financial contributions that will need to establish operations across the maritime corridor, a nd sustain operations in the long term once U.S military operations transition to a commercially-led effort'. He described today's meeting in Cyprus as 'critical' in going forward, adding 'we'll build on the work that we've done here during a pledging period, where we'll seek to fill in material and financial gaps'. Ried said 'it's our intent to continue this dialogue in the days and weeks ahead to ensure we maximise our impact on this common humanitarian platform instead of an advancing competing initiatives'. The White House official also expressed 'thanks to the Republic of Cyprus and its leaders. Not only have they hosted this critical meeting, but their work in establishing the Amalthea initiative laid the foundation for our joint efforts today. The Republic of Cyprus', he said, 'has turned its strategic location into a humanitarian solution and the United States is deeply grateful for their leadership and their Partnership'. Asked why there was a delay in acting as regards the humanitarian aid, Ried said " Cyprus was certainly a leader early on in announcing the Amalthea Initiative and I think the United States and many of our partners were initially very focused on expanding land routes'. 'It remains our view that land crossings should be the primary routes into Gaza…they are the way that we can move the maximum amount of assistance in. But after the turn of the year, we saw that we weren't getting enough in via land routes so President Biden made the decision that we would do everything within our power to get as much aid into Gaza as possible, and that includes airdrops, the maritime quarter and our continued advocacy on the land routes.' He said the pier has a target date of May 1st, but the military is 'working very hard to advance that and hopefully we can see it operational a bit earlier than that'. Invited to clarify about the military-led operation transitioning to a commercially-led effort, Ried said the pier will be temporary 'and will be connected to land in Gaza on a landing site. And then there will be a floating dock a few nautical miles offshore and commercial vessels will be able to come in and offload their cargo onto that floating dock. So the entire operation from Cyprus is not military-natured. There will be commercial element to it. Goods will come first to Cyprus, they will be inspected according to the mechanism Cyprus has set up and then brought onward. This is definitely a medium-term commitment from the US', he said. Noting that the US intend to 'have the pier operational for months at least' and although he could not say how in terms the aid would transition into a commercial operation, he added that 'it is something that our military is thinking about and we will retrograde the pier itself, when there will be facilities that are built on land by partners that will be useful I think to anyone that will come in afterwards in terms of staging areas, warehouses etc'. Asked if NGO World Central Kitchen (WCK) will continue the effort until 1st May, he said "yes, I understand that WC K intends to have further shipments…'. About the inspection mechanism in Larnaca, Ried said 'it was already proven to be very efficient with the screening of the first WCK shipment. And I understand that there are additional goods that are already pre-screened now in the warehouse at Larnaca port. So I hope that we can use some of the period between now and when our pier is operational kind of preload a series of screened goods but our understanding from both our Cypriot and Israeli colleagues, is that it was a very efficient screening process'. Asked how the fund will work and who will monitor it, Ried said this was a central part of the discussions today and Sigrid Kaag, the UN's new Gaza aid coordinator laid out an offer from the U.N to set up a U.N fund quickly that will be managed quickly by the Republic of Cyprus. 'And I think this would be beneficial for a lot of donor countries because most of our governments have direct channels into the UN already. We know how to quickly distribute grants into UN managed funds. So I think that that would be a good way to manage in a way that everyone feels comfortable with, you know the oversight arrangements'. To a question about how many shipments can Amalthea handle and to outline what these assets are, Ried said that it will be a significant addition to the amount of assistance getting into Gaza. On the issue of assets, he said they were talking about the non-military components. The assistance will be either coming in through UN agencies that procure significant amount of aid bound for Gaza. Invited to elaborate how the aid will be delivered and how on the ground the landing zone will be secured, Ried said 'the way this operation is being planned is that we won't have American boots on the ground. So there's no plan for American personnel to go ashore'. The Israeli military will play an important role in securing a broad area and having kind of the outer perimeter secured, he said. 'We are also talking to a number of countries about potentially serving as a s ecurity partner within that perimeter..and then what you have within the secured internal perimeter is a bit of a handoff area, so trucks will come off of the pier, they will drive through to what we're calling area B.E. and will drop off the goods and then depart and then you will have trucks with Palestinian drivers from Gaza that will come in and pick up the goods. And we're in discussions with the U.N about playing a role in terms of running that kind of, you know, initial reception warehouse and then onward a distribution facility'. Ried said UN agencies have the best network in terms of distribution across Gaza, be it UNRWA, WHO, etc, as well as a number of international NGOs that have been quite effective in distributing, 'but we would like to find one UN agency to partner with that would kind of run that initial reception and warehousing facility.' Asked if that will change interaction with UNRWA in the future, he said "we've been very clear that we have obviously serious concerns over the allegatio ns that Israel has raised regarding UNRWA staff being involved in October 7th and we paused our funding to UNRWA." "We must continue to make use of UNRWA distribution networking in Gaza, because there isn't a way to replace it quickly" he said, adding that "currently it's the best method that we have to deliver assistance'. Source: Cyprus News Agency

The annual fee for companies registered with the Registrar of Companies will be abolished from 2024 onwards, but the annual fees for the years 2011 to 2023 will continue to apply, the Department of the Registrar of Companies said in a statement. According to the amended law on companies which was published in the Official Gazette of the Republic of Cyprus on March 15, 2024, it notes, the annual fee for companies registered with the Registrar of Companies is abolished from 2024 onwards. 'Annual fees for the years 2011 - 2023 continue to apply', it adds. The Department said that the companies that have already paid the 2024 annual fee, will receive a refund. Source: Cyprus News Agency