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.

(Reuters)

Top Stories

273 new cases of COVID-19 our of 57,926 tests announced on Friday

The Health Ministry announced 273 new Coronavirus cases out of 57,926 PCR and rapid antigen tests on Friday, 5 March, taking confirmed infections to...

Very few COVID-19 confirmed cases found among students

The Health Ministry today carried out antigen rapid tests to the staff and students of private and public schools. In total 10,147 have been tested...

Niki Zarou files lawsuit against Yiolitis, Republic of Cyprus

Following the cancellation of the search warrant of her house in the case of the parody account on Twitter, under the title “Lady Emily...

Where to get a rapid test on Saturday, 6 March

Aiming at the continuous surveillance of the community and the workplaces, the free programmes of rapid antigen testing of the general population and employees...

The EU will never accept a two-state solution for Cyprus, Borrell underlines

Turkey and the Turkish Cypriot side must stay away from the rhetoric for two states in Cyprus, because such a form of a settlement...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...