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Stock impact report

Turkey's gas exploration off Cyprus raises tensions [Reuters (UK)]

SAIPEM SPA UNSP/ADR (SAPMY) 
Company Research Source: Reuters
Turkey's gas exploration off Cyprus raises tensions - Reuters 5 Min Read (Reuters) - Turkey’s exploration for natural gas in the eastern Mediterranean has ramped up tensions with Cyprus and prompted the European Union to scale back contacts with Ankara. The internationally recognised Greek Cypriot government and the European Union accuse Turkey of violating Cyprus’ maritime economic zone by drilling off the divided island. Turkey says it is operating in waters on its own continental shelf or areas where Turkish Cypriots have rights. The two countries have been at odds since the 1974 ethnic conflict that split the island between its Greek and Turkish Cypriot populations. Here is a timeline of main developments in the drilling dispute over the past eight years: Aug 18, 2011 - A U.S. firm will start exploratory drilling for natural gas off Cyprus in October, Cypriot officials say, despite warnings from Turkey that the move could upset peace talks. Sept 19, 2011 - Cyprus has begun the pro Show less Read more
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