Cyprus to take part in Greek satellite project

 

REPORTS from Athens said yesterday that Greece and Cyprus would launch their first telecommunications satellite by 2002.

According to Naftemporiki newspaper, the two countries will sign an agreement concerning the launch and operation of two telecommunications satellites on August 23, following the approval of the Greek Cabinet.

A ministerial committee responsible for the final decisions has been set up to negotiate the deal with a consortium including Cypriot company Avacom, the Cyprus Development Bank, Greek phone company OTE, Greek Aircraft Industry (EAB), and Canadian Telesat.

The committee would be discussing the money that could be gained from the use of government frequencies.

Avacom and the Development Bank would participate with 55 per cent, OTE would have 25 per cent, and EAB and Telesat 10 per cent each.

Apart from construction of the Hellas Sat satellite, the contract includes launching and exploitation.

The Greek and Cypriot Transport and Communications Ministries aim to launch and activate the first satellite by September 2002 and have already began negotiations with companies specialising in aircraft and space technologies.

The cost of the investment, including production and launch, is expected to reach £37 million.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.