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[EPSILON]

US company to begin oil exploration off Cyprus
An American company is expected to start exploring the Cyprus coast for oil and natural gas soon, the US ambassador to the Greek Cypriot administration in southern Cyprus has announced, in a move likely to infuriate the Turkish capital.



The announcement by US Ambassador Frank Urbancic came on Tuesday, while speaking at the Cyprus International Fair, Greek Cypriot media reports said on Wednesday. Urbancic revealed that an American company planned to start exploring the island's southwest coast in the near future, without providing the name of the company.

“US investments in Cyprus amount to more than $379 million. This figure will soon increase substantially as an American energy firm begins exploring for oil and gas off Cyprus' southwest coast,” Urbancic was quoted as saying in the English-language online newspaper Cyprus Mail. He explained that the specific company had participated in the tenders' procedure, which had started a few years back, for oil exploration in Cyprus and had achieved the right to start exploring following negotiations with the Greek Cypriot Commerce Ministry, the report said.

Back in the autumn of 2008, Greek Cyprus accused Turkey of harassing research vessels on several occasions in areas it had earmarked for future hydrocarbon exploration, while Turkey said then the ships, on two occasions, were on its continental shelf.

In early December, Turkish Foreign Ministry spokesperson Burak Özügergin said the exploration on what it called Turkey's continental shelf could upset ongoing negotiation efforts between Greek Cypriot leader Dimitris Christofias and Turkish Cypriot leader Mehmet Ali Talat, which kicked off in September. Today Christofias and Talat are scheduled to meet for a new round of reunification talks. The two leaders have met over 25 times since full-fledged power-sharing negotiations began last September, focusing on concerns involving the harmonization of Federal and Constituent State Laws, delicate property issues and European Union membership.

(EXTRACT FROM A TURKISH NEWSPAPER-ZAMAN)

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http://www.ogj.com/display_article/3608 ... ff-Cyprus/