A $400 million pipeline to transport natural gas from Israel to Cyprus is awaiting government approval from both countries and Israel has expressed support, the head of Eastern Mediterranean focused gas producer
A $400 million pipeline to transport natural gas from Israel to Cyprus is awaiting government approval from both countries and Israel has expressed support, the head of Eastern Mediterranean focused gas producer Energean told Reuters on Tuesday.
Energean on Monday signed a letter of intent with leading Cypriot industrial and energy group Cyfield for the potential supply of natural gas from Israel to Cyfield's planned power plant via the new pipeline, said Mathios Rigas, CEO of the British firm.
Gas could flow through the pipeline within 12 months of the government approvals being granted, said Rigas, speaking in an interview on the sidelines of the ADIPEC energy conference in Abu Dhabi. Energean is awaiting a response from the Cypriot government, he added.
1 BILLION CUBIC METRES CAPACITY
"The pipeline would have the capacity of 1 billion cubic metres a year, enough to bring all the gas the Cyfield project needs, but also to give more to the island if others need to use the gas," Rigas said.
The project, which would cost $400 million, could be fully funded by Energean, but partners may also be brought in the future, Rigas said.
The company is also evaluating opportunities in
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