Dice cast over Cyprus LNG plant

Written by on June 27, 2013 in Business - No comments
Photo: jarpur/sxc.hu

The dice has been cast as regards the liquefied natural gas (LNG) plant that the Cypriot government has decided to build in the Vassilikos area of the island’s south coast. A memorandum of understanding was signed between the Energy Ministry and the energy companies involved in the gas drilling project in block 12 of the country’s maritime exclusive economic zone.

The deal with the American Noble and the Israeli Delek and Anver may soon expand to include other global energy giants, such as the French Total, the Italian ENI and the Korean Kogas; all companies that according to the minister in charge, Yiorgos Lakkotrypis have declared interest in the LNG plant. The final project agreement with at least the three first companies will be signed by the end of the year.

This development along with Israel’s decision to export 40% of its own gas, which makes the prospect of Israel using the Vassilikos facility all the more likely, has lifted spirits in Nicosia.

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(Photo: jarpur/sxc.hu)

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