neo May 29, 2017 No Comments

Notice for the NBAC’s AGM 2017

NBAC is pleased to invite its members to the Annual General Meeting for 2017. The Annual General Meeting will take place on Thursday, 15 June 2017 at 18:30 pm at Four Seasons Hotel, Limassol.

Please find below links for the Notice and Agenda of AGM 2017, Financial Statements of NBAC for the year ended 2016 and Proxy Form.

Notice of AGM 2017 – NBAC

NBAC FS 31.12.2016

Proxy 2017

In relation to the Proxy, please note that this shall be deposited with the Secretary, at least 24 hours before the time fixed for holding the meeting.





neo October 17, 2016 No Comments

Memorandum of Understanding (MoU) signed between NBAC and Youngship Cyprus

Following a fruitful cooperation with Youngship Cyprus during the last year, NBAC is pleased to announce the formalisation of this cooperation through a Memorandum of Understanding (MoU) signed between NBAC and Youngship Cyprus.

The main purpose of the MoU is to co-ordinate efforts and work jointly towards the development and promotion of the offshore support industry in Cyprus and introduce this developing industry to the younger generation in Cyprus, both to students and executives.

In addition, NBAC and Youngship Cyprus will work together to jointly

  • Organize seminars and conferences as well as other social and networking events for their members.
  • Participate in each other’s activities, events and seminars
  • Promote and channel job vacancies in the Cypriot – Norwegian trade community, to members of YoungShip
  • Participate in the selection of successful candidates for, as well as funding, of the “Young Leader Award”


About Youngship Cyprus

YoungShip Cyprus was founded in 2012 as a branch of YoungShip International (Norway 2004) which is a nonprofit organization in 17 cities around the world in countries such as Norway, Singapore, Brazil, Mexico, Italy, Sweden, Netherlands, United Emirates, Kenya and the United Kingdom.

Young people up to the age of 40 who work in the wider field of shipping and maritime offshore industry have the opportunity to participate as members or as administration of the association.

The aims of the association are:
• To build a strong network, promote dialogue and cooperation between its members and the wider maritime community, government agencies and organizations dealing with maritime issues in Cyprus and abroad.
• To encourage members to develop and implement actions, initiatives, exchange of information and experiences in order to promote and develop the shipping industry in Cyprus and to develop as young professionals in the global maritime community.
• To provide continuous education and training to its members in the field of shipping and maritime industry as well as to develop the interest of the younger generation for environmental developments, innovation and entrepreneurship.

From 2012 until today YoungShip Cyprus has conducted many social events and has presented a series of free seminars covering a variety of topics, including current and future trends in shipping as well as career advice and soft skill development.

For more information contact us at or call +357 99 433064, +357 99 583881, +357 99 536437

neo May 6, 2016 No Comments

Norwegian Minister of Foreign Affairs Borge Brende visits Cyprus

Minister of Foreign Affairs of Norway, Borge Brende pays Cyprus a working visit today (6 May), during which he will be received by President of the Republic Nicos Anastasiades.
The FM of Norway met with his Cypriot counterpart, Minister of Foreign Affairs Ioannis Kasoulides, followed by consultations with the participation of delegations from both countries.
The discussions focus on the Cyprus issue and bilateral affairs.
Source: CNA
neo April 25, 2016 No Comments

Privatisation Limassol Port now official

The Presidential Palace will host the first contract signing with regards to the new operations of the Limassol Port on Monday, April 25 – a move seen as the first definitive step towards its privatisation.

According to In Cyprus, the new operator is due to upgrade the port with investments in infrastructure and superstructure, such as modern equipment, better cranes, sea operations and terminal expansions.

The three contracts will be signed by Communications Minister Marios Demetriades and members of the consortium.

The government hopes to increase profits by €100million per year following prickly negotiations with international lenders Troika and amidst strikes and protests from the port workers.


neo April 24, 2016 No Comments

Our new website is now live!

NBAC is pleased to announce that its new website has now gone live.

The new website brings with it a great new look and new facilities. It has been designed to make it easier for users to navigate around the site and access the resources quickly and easily.

Highlights of the new website include:

  • Online application for Individual or Corporate membership
  • Improved members’ section with enhanced presentation of our Corporate members
  • Full integration with NBAC social media pages, Linkedin and Facebook
  • Quick members’ subscription for the NBAC newsletters
  • Easy and quick online registration for NBAC upcoming events

In the future, we also plan to introduce an online payment function that will make it easier for our members to settle their annual membership through our website.

We do hope that you find the new website both appealing and useful and we welcome your feedback.

Please feel free to send us any comments you have via the Contact Us link on the website.

neo April 21, 2016 No Comments

NBAC strenghtens its presence in social media

In an effort to strengthen the communication with its members, NBAC has created its own pages in social media, particularly in Linkedin and Facebook.

NBAC aims at using its social media pages as an online forum of discussions between its members related to on-going business matters and keeping its members updated about daily news as well as upcoming events of our Association.

NBAC kindly invites its members to join our pages in Linkedin and Facebook.

Stay connected with us!

neo March 19, 2016 No Comments

NBAC members listed in the “40+ Foreign Leaders in Cyprus” of the Gold Magazine

In its latest list, Gold Magazine features 43 successful foreign leaders based in Cyprus who responded positively to its request for information. 
Amongst those leaders, Jens Wilhelmsen, Chairman of NBAC, and Ole Werring, member of the Executive Committee of NBAC are included in the list. Also included is Bjorn Tore Larsen of OSM Group, a corporate member of NBAC. Bjorn Tore Larsen is the Founder and Chairman of OSM Group. 
According to Gold Magazine, the list  includes no fewer than 23 different nationalities, including those one might expect (British, Russian, German) as well as others that may surprise (Latvian, Indian, Palestinian). In fact, in addition to these, our list includes Dutch, Norwegian, Israeli, Slovakian, Finnish, American, Belarusian, Jordanian, Lebanese, Belgian, Greek, French, Czech, Irish, Canadian, Italian and South African citizens.
You can see the full list at
neo February 12, 2016 No Comments

New Norwegian Ambassador: settling Cyprus issue is important

It is a matter of urgency to reach a comprehensive settlement in Cyprus, not only because of the long term beneficial effect this will have for the people of Cyprus, but also for its importance for the wider security and stability in the whole region, the new Ambassador of Norway in Nicosia, based in Athens, Jørn Gjelstad said on Friday.

Presenting his credentials to President Nicos Anastaiades, Gjelstad also said that a negotiated settlement would create a “win-win” for everybody and stimulate the future good use of the natural wealth and resources of Cyprus to the benefit of all people of your country. Read more

neo April 2, 2015 No Comments

Noble Energy and Delek expected to present exploitation plans for offshore Block 12

Energy Minister Giorgos Lakkotrypis said on Tuesday that Noble Energy and Delek, which hold the concession for offshore Block 12 of the Cyprus Exclusive Economic Zone, is expected to submit in the coming weeks their development plan for the natural gas reserves they detected.

The Minister also said that the plan will describe in detail the ways in which the subsea infrastructures will be employed for the exploitation of the reserves, as well as the potential markets which this exploitation will target. The markets already approached by Noble Energy and Delek are Cyprus, Egypt and possibly Jordan.

Lakkotrypis clarified that though the government is still waiting for the development plan, preliminary plans are looking at a floating production, storage and offloading (FPSO) vessel combined with subsea pipelines to the possible destinations.

The FPSO is essentially a platform producing and treating the gas on-site. The gas would then be piped to existing LNG facilities in Egypt.

Asked about the cost of developing the concession, Lakkotrypis said they had some estimates available, but declined to disclose them until the government had in its possession the development plan.


neo March 20, 2015 No Comments

Total Agrees to Further Exploration of Cyprus’ Exclusive Economic Zone

French energy giant Total has agreed to continue its exploration of Cyprus’ Exclusive Economic Zone (EEZ), following its extended deliberations with the local Government.

In January, Total revealed its intention to terminate its operations on the island, due to its inability to locate drilling target areas. The company had paid for the license for blocks 10 and 11 of the EEZ after signing two production sharing contracts with the Ministry in 2013, beginning thereafter seismic exploration for oil and gas in block 10, and in parts of blocks 6, 7 and 11.

The Cypriot Government continued, however, to hold talks with Total officials with an aim to striking a continuation of the cooperation agreement. These efforts have now come to fruition, as Minister of Energy Yiorgos Lakkotrypis signed such an agreement with the General Manager of Total E&P Cyprus B.V., Jean-Luc Porcheron yesterday.

The contract will see Total continue to explore the island’s hydrocarbon reserves in order to further assess the prospect of commercial exploitation of block 11.

neo March 20, 2015 No Comments

John Tomich: Noble Sees Significant Energy Potential in the Eastern Mediterranean

The Eastern Mediterranean is on the road to becoming a major hub for hydrocarbon production, according to John Tomich, Cyprus Country Manager of energy giant Noble.

Addressing the Eastern Mediterranean Gas Conference held in Nicosia yesterday, Tomich referred to the significant potential of the region, expressing that further exploration of its hydrocarbon reserves must be coordinated so as to more effectively evaluate the commercial opportunities that may be present.

“There is still much exploration to be done before the full potential of the Eastern Mediterranean is known, but we are off to a very good start with the major gas discoveries that have been made offshore Israel and Cyprus,” Tomich noted.

Though the Eastern Mediterranean has a bright future in the field of energy, the deep water Levant basin is still very young as a hydrocarbon province, he continued to explain, with significant exploration activity having begun a mere six years ago. “Most basins take decades to be explored and there is no expectation that the Levant will be any different,” he said.

However, Noble is committed to continuing the exploration of the region’s “substantial acreage” in search of further reservoirs, as strong evidence exists of an oil-prone hydrocarbon system. “We believe there is great untapped potential,” he affirmed.

Following four years of exploration in block 12 of Cyprus’ Exclusive Economic Zone, Texas-based Noble Energy is expected to submit its development strategy for the gas field, which holds a gross reserve of some 4.50 trillion cubic feet.


neo March 20, 2015 No Comments

Experts say Cyprus should explore developing petrochemical industry

Cyprus should explore the notion of developing a petrochemical industry in parallel to natural gas regional exports, experts told participants at the Eastern Mediterranean Gas Conference in Nicosia.

Symeon Kassianides, CEO of Hyperion Systems Engineering group said such an industry could potentially lead to foreign investments amounting to 4 billion and in the creation of 3,000 jobs in the period of construction. This idea has also been supported by Solon Kassinis, former head of the Ministry of Commerce`s Energy Service and former Greek PM Antonis Samaras` energy advisor. “Gas-to petrochemicals project can be a building block for the sustainable economic development through the inception of industrial sector,” Kassianides said. The comments came as Cyprus is about to engage in talks with to explore ways to export natural gas from its Aphrodite offshore concession, that holds a gross resource of 4.50 trillion cubic feet (tcf), as well as to carry gas for electricity generation in Cyprus via a pipeline.

He noted that the creation of a petrochemicals industry would increase the required natural gas quantity of natural gas to be transported to Cyprus thereby rendering a pipeline connecting the Aphrodite gas field with the Cypriot shores. According to Kassianides, the potential gas field production is estimated at 800 MMSC (million standard cubic feet) whereas the estimates for the Cyprus gas demands reach only 100 MMSC (corresponds to 1 billion cubic metres).

He noted that petrochemical industry could include a methanol plant with a capital expenditure amounting to €1 billion requiring 100 MMSCF of natural gas, an Ammonia Urea factory (a fertilizer element) with an investment in the region of €1.4 billion and a required volume of 160 MMSCF per day. Moreover the industry could also include an MTO plant (Methanol to Olefin) with a capital expenditure of 2,5 billion and a required quantity of 240 MMSCF. Kassianides pointed out that the MTO plant would increase the demand for methanol rendering the methanol plant more economically viable.
Moreover, the noted that two foreign companies are interested in investing in such infrastructure in Cyprus. Namely Methanex and Maire Technimont. He added that Methanx owns a methanol plant in Egypt which is currently offline as all gas quantities in the country are allocated for the domestic power demand.

On his part, Kassinis described the prospect of allocating natural gas reserves to a petrochemical industry as very serious and significant.
“We should definitely focus on this issue, and particular importance should be given to this sector,” he said speaking to CNA on the sidelines of the EMGC.


neo February 22, 2015 No Comments

PWC Tax Seminar in Norway

Representatives of PWC Cyprus will be in Oslo, Norway between 11-13 February to deliver a tax seminar in cooperation with PWC Norway on the new tax treaty between Cyprus and Norway, effective from 1 January 2015. The seminar will be held on Thursday the 12th, at the offices of PWC in Oslo. The representatives of PWC Cyprus will also be available to meet and discuss with clients and Norwegian companies on the recent developments in the Cypriot economy and the tax system.

The same seminar was also delivered in June 2014 commonly by PWC Cyprus and Norway and NBAC. The seminar was successfull and the feedback from the participants was extremely positive.

Members of NBAC are welcomed to contact colleagues, friends, clients and associates living and working in Norway and interested in the Cyprus market and invite them to this seminar.

For more information, please see the invitation from PWC Cyprus.

Finally, feel free to contact Mrs. Cleo Papadopoulou (Partner, Tax Advisory Services – +357 25 555 230, should you need further info.

neo July 11, 2014 No Comments

Promising prospects for natural gas, while encouraging ones for oil

Addressing a conference on the security of natural gas supply, that took place  in Malta, the Minister of Energy, Mr. Giorgos Lakkotrypis has said that in addition to the discovery so far of 5 tcf of natural gas in Cyprus` Exclusive Economic Zone, the government is optimistic for further discoveries in the near future, as over the next 12 to 18 months the exploration activities of the licensees will intensify.

“Prospects appear very promising”, he said, adding that “moreover, there are encouraging indications for oil discoveries offshore Cyprus”.

The Minister added that more than 35 tcf of natural gas have been discovered in offshore Israel, approximately 5 tcf have been discovered in the Cyprus Exclusive Economic Zone (EEZ) and, according to Lebanese officials, preliminary estimates from seismic surveys show resources of about 30 tcf of natural gas in Lebanon.


Doing Business is Our Priority

nikarosWith his visit to the UAE in full swing, President Nicos Anastasiades addressed state officials and business professionals at a dinner in Abu Dhabi last night, stressing that Cyprus really does mean business. He told the gathering:

“It is a distinct pleasure and honour to be at this dinner presentation on investment opportunities in Cyprus, organised by Logicom Group, with the support of the Embassy of Cyprus in Abu Dhabi.

I would like to thank you for your presence here, which demonstrates the traditionally close relations between the two countries and their respective business communities, and the mutual aspiration to enhance and further establish a solid and mutually beneficial economic partnership.

Cyprus and the United Arab Emirates’ (UAE) traditional bonds of friendship are based on mutual trust and respect. This official visit is certainly timely, and demonstrates the importance my Government, and I personally, attach to concretely upgrading these ties. We are here to deepen and broaden our cooperation, particularly in the economic field.  Read more