Is there going to be a dispute over energy sources in Cyprus?

A drone landed on Turkish part of Cyprus island

This should enable Turkish Cypriots search for petroleum and natural gas deposits in shelf sea.

Turkey has been searching for petroleum deposits in Turkish part of Cyprus since February. For that purpose, reconnaissance ships with military escort has been sent to the area. Yet, the result was warning from EU that such activity is considered illegal and Turkey could face sanctions.

Turkey now sent unmanned aerial vehicle to Cyprus to officially search seabed for possible petroleum and natural gas extraction. In addition, Ankara claims that Greek ships already operated in area where any possible mineral resources should belong to Turkish part of Cyprus.

Athens blamed Turkey for international law violations in reaction to Ankara having signed internationally recognized agreement on maritime borders with Libya. Turkey is convinced that the agreement enables them to protect their legitimate interests in the region. Therefore, the tension between these two countries intensifies again after some time.

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

Golden Brokers Review

Golden Brokers Limited was founded in 2018, it is...

Siemens’ Quarterly Profit Beats Estimates as the Company Benefits from AI-Related Demand

German industrial conglomerate Siemens increased its profit from industrial...

Sell Stop Orders: How They Work, When They Trigger and Where They Fail

A sell stop order allows investors to automatically sell an asset...

German Authority Investigates PayPal Over Possible Restriction of Competition

The online payment system PayPal may be engaging in...

Airbnb Could Earn More From the Same Booking

Airbnb plans to bring car rentals and partner services directly into its platform. With AI customer support reducing overheads, the company aims to earn higher profits from existing customer bookings.

Over-the-Counter Markets: How OTC Trading Works Outside Centralized Exchanges

Over-the-counter (OTC) trading allows investors, financial institutions, and companies...

Maersk’s profits grew, but a return via Suez may squeeze margins [1]

Maersk posted an operating profit of USD 3.3 billion...

Shooting Star Candlestick: How to Read It Without Trading the Shape Alone

A shooting star candlestick can warn that an upward...
spot_img