FinMin: Natural gas income to go towards cutting public debt and future generations

Cypriot Finance Minister Harris Georgiades has said that income from natural gas already discovered within Cyprus EEZ in block 12 is estimated to be approximately Euros 500 – Euros 600 million per year in about 12 years, noting that any income will be used to reduce public debt and to be allocated to future generations.

Georgiades was briefing on Monday, the parliamentary committee on budgetary and financial affairs on the national investments fund, which will mange income deriving from natural gas exploitation.

He said that “while we are still a long way away from any actual income flow from the Aprhodite reserve, which is expected to start after 2020, it is necessary to pass the relevant bill in good time.

Source: Cyprus News Agency.