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Cypriot Gas Revenue Seen as Scant Return for Deposits

Cyprus, which is seeking to impose a levy on bank deposits to fund part of a euro area bailout, plans to compensate depositors with future gas income from foreign sales of the fuel that may never materialize.

“Potential gas exports from Cyprus will compete in an international market of multiple other gas suppliers,” Noel Tomnay, head of global gas research for Wood Mackenzie Ltd. in Edinburgh, Scotland, said today by e-mail. “This comes with risk and uncertainty. At this time, there are no guarantees that exports will be commercially achieved.”