Insider Business Energean seeks to supply natural gas to Cyprus from Israel

Energean seeks to supply natural gas to Cyprus from Israel

Energean Oil & Gas said on Tuesday its Energean International unit submitted an application to import and supply natural gas to Cyprus starting in 2021.

In its application to Cypriot authorities, it said it sought to supply gas through a pipeline from the Karish block offshore Israel to Vassiliko, Cyprus.

The pipeline would be 215 km long and transport natural gas from the Karish North field, which contains 25 billion cubic metres of discovered recoverable resources.

Total investment, Energean said, will be about $350 million and will be funded by Energean. Provided there are no delays in permitting procedures, the project will allow Cyprus to receive competitively priced natural gas from 2021, it added.

“Execution of the proposal will bring competition to the Cypriot natural gas market, decrease energy costs across the economy and result in enhanced diversity and security of supply,” Energean chief executive Mathios Rigas said in a statement.

“We expect that the Republic of Cyprus will take advantage of the options that the market offers for the benefit of the Cypriot economy and the consumers.”

Energean, a gas producer with a focus on the Eastern Mediterranean, is seeking to diversify its offtake footprint beyond Israel.

Energean noted it has already signed letters of intent with three independent power producers that have been granted a license to construct combined cycle power plants in Cyprus.

It said the project will further strengthen Cyprus’ role in the Eastern Mediterranean, in accordance with a trilateral cooperation agreement between Cyprus, Israel and Greece to transport natural gas to Europe through the East Med Pipeline project.

Rigas told Reuters in July 2018 that the group had sent a proposal to build a gas pipeline to Cyprus to the country.

Tuesday’s announcement relates to a more detailed and formal application to build such a pipeline and register as a gas importer. The Cyprus Energy Ministry had no immediate comment.


Top Stories

Cyprus records 25 new covid-19 cases, one death from the virus

Health authorities in Cyprus on Tuesday evening announced the death of a 77-year- old man with underlying health conditions but with cause of death...

Kadis: Life sentence for forest arsonists

The Minister of Agriculture, Rural Development and Environment, Costas Kadis, suggested that the sentence for forest fires resulting from arson is increased to life...

Two French Rafale fighters flew over Cyprus EEZ

Two French fighter aircrafts of the French Air Force flew over Cyprus` Exclusive Economic Zone on Tuesday. According to CNA sources, their presence in Cyprus...

Building permits in Cyprus record drop in first five months of 2020

Building permits issued in the first five months of this year in Cyprus recorded a drop compared with the same period of last year,...

Beirut: Officials warned of disaster in July

Government documents seen by Reuters and senior security sources show that Lebanon's prime minister and president were reportedly warned of a possible major disaster...


Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...