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Landmark deal

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01-07-2013

Landmark deal

A US-Israeli partnership signed a landmark deal recently to build a liquefied natural gas plant on Cyprus to exploit the island’s untapped energy riches. A memorandum of understanding was signed between Cyprus and US-based Noble Energy International, Delek Drilling and Avner Oil Exploration to build an LNG facility at Vassiliko near Limassol.

“The signing of the Memorandum between the Republic of Cyprus and the three companies represents the next milestone on the road map for the exploitation of gas reserves in Cyprus’ Exclusive Economic Zone,” said Cyprus Energy and Commerce Minister George Lakkotrypis at the official ceremony in Nicosia.

He said the LNG plant constitutes “the fundamental and necessary infrastructure that will allow the export of Cypriot natural gas to European and global markets”.

The MoU defines the framework of negotiations between Cyprus and the three firms, with an anticipated cut-off date for a deal at the end of 2013.
 

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