29 December 2016, 13:31 GMT
MOSCOW (Sputnik) — Cyprus supports involvement of the Russian companies in its energy market and believes that it will be beneficial for all countries in the Mediterranean region, Cyprus Ambassador to Russia George Kasoulides told Sputnik.
"As far as the energy sector is concerned … we are more than eager to have Russian involvement in those activities and we encourage Russian companies to compete for a fair share of the Cypriot market We also believe that Russian involvement will be beneficial for all countries in our region," Kasoulides said.
According to the World Bank's latest available data, Cyprus imported 94.36 percent of primary energy in 2013. The country spends over 8 percent of its GDP to cover the costs.
The current electricity production in Cyprus relies almost exclusively on fossil fuels, while oil and gas supplies constitute 43 percent of imports from Russia.
