The House audit committee will discuss issues between the government and Kition Ocean Holdings regarding the revamp of the Larnaca port and marina, which has stalled over a contractual dispute. Earlier, Kition Ocean Holdings filed a case against the government for causing delays and breaching the contract. The government has been unwilling to meet the company to discuss a difference in a financial guarantee.
An early Easter boosted food spending in Britain last month, lifting retail sales by the most since August.
Fact: Transport Minister Alexis Vafeades clarified that stalled works on the multimillion euro Larnaca port revamp are due to a procedural hold-up by the managing company, Cypriot-Israeli consortium Kition Ocean Holdings.
The fact described in the text is that the IRS has received a major infusion of funding, including billion in 2022, to address the issue of large partnerships used by the ultrawealthy to hide income and avoid paying taxes.
The point of contention regarding the development of the Aphrodite gas field off the coast of Cyprus has been overcome, according to Energy Minister George Papanastasiou. The plan for extraction of gas from the Aphrodite field will continue based on the agreed development and production plan from 2019. The government wants to respond as soon as possible to start planning the joint venture with Chevron. Discussions on the matter have been exhausted, and Chevron understands that gas extraction will be based on the 2019 plan. There is an ongoing dispute with Israel over “plot 12” connected to the Aphrodite field, but the Energy Minister believes the differences should be closed in the next three months. The CEO of Italian company Eni has requested a visit to Cyprus this month to discuss the development and production plan for the Kronos I and Kronos II fields.
The company assigned to expand and restore Larnaca port, Kition Ocean Holdings, has not started any of the works on the €1.2 billion project two years after being assigned. Transport Minister Alexis Vafeades expressed strong concern about the lack of progress and warned that if the company does not honor its contractual obligations, actions will be taken accordingly. The latest information suggests that work on the project may start in May or June.
Prices in British shops rose at the slowest pace in more than two years in March, with shop price inflation dropping to 1.3 per cent from 2.5 per cent in February. Food prices rose by 3.7 per cent, down from 5.0 per cent, while non-food prices rose by just 0.2 per cent.
Chevron has submitted a proposal for developing the Aphrodite gas field, with the energy ministry announcing the submission. Chevron is the operator of the consortium and a 35 per cent partner in the field, along with Shell and Israeli firm NewMed Energy.
The anti-money laundering unit (Mokas) is investigating suspicious transfers of shares in Cyprus-registered companies linked to the Predator spyware affair.
Cyprus aims to conclude construction works for the LNG terminal in Vasiliko by the end of 2024 to reduce electricity generation costs.