Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cyprus Going Alone on Gas Development Impossible, Simsek Says

April 4 (Bloomberg) -- Any effort by Cyprus to extract and sell gas while disregarding claims of Turkey and the island’s Turkish community is “not only unfair but also impossible,” Turkey’s finance minister said.

“These natural resources should be used for the benefit of both communities,” Finance Minister Mehmet Simsek said in response to questions at a conference in Istanbul today. The easiest route for Cyprus to bring natural resources to international markets would be through Turkey, he said.

Cyprus has been divided since 1974, when Turkey invaded after a coup by supporters of union with Greece. Turkey is the only country that recognizes a Turkish Cypriot state in the north and has objected to Cyprus’s search for gas around the island on the grounds that Turkish Cypriots should share in any benefits.

Greek Cypriots in 2004 rejected a plan backed by Kofi Annan, then Secretary-General of the United Nations, to unite the island. The Turks voted in favor. The plan should be put back on the table as Cyprus restructures its economy in exchange for a 10 billion-euro rescue program, Simsek said.

“We’d like our neighbors to be stable, strong and prosperous,” he said. “The best help we can give to South Cyprus would be a solution to the Cyprus problem in line with the U.N. solution in 2004.”

To contact the reporter on this story: Taylan Bilgic in Istanbul at tbilgic2@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.