Cyprus hopes to import Israeli liquefied natural gas

Following visit to Israel by Cypriot delegation, Cyprus minister says natural gas could flow to Cyprus by 2015 at low price.

By NADAV SHEMER
September 4, 2012 13:27
1 minute read.
Leviathan holds 453 billion cu.m. of gas.

Leviathan 521. (photo credit: Albatross)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Cyprus hopes to begin importing liquefied natural gas from Israel by early 2015, Cypriot Commerce, Industry and Tourism Minister Neoklis Sylikiotis was quoted as saying by Famagusta Gazette Online Tuesday.

Israel is in favor of supplying Cyprus with between 0.5 and 0.7 billion cubic meters of natural gas for electricity production, Sylikiotis reportedly said. The island country is planning to import natural gas in the short term, before exploiting its own offshore reserves around 2018.

Be the first to know - Join our Facebook page.


Sylikiotis spoke to journalists following the visit to Israel of a high-level Cypriot delegation, including officials from the Cyprus Electric Authority, Cyprus Energy Regulatory Authority, Natural Gas Public Company and the Commerce Ministry’s Energy Service.

“If all these discussions are completed by the end of the year, then we can have natural gas in early 2015 at lower prices for three to five years,” the Gazette quoted Sylikiotis as saying. He said the gas would be bought through the Cyprus Electric Authority, following a state-to-state agreement or a deal with the Israel Electric Company.

The comments were made less than one week after the Tzemach Report recommended that Israel cap exportation of natural-gas reserves to 500 b.cu.m., while saving at least 450 b.cu.m. for domestic needs.

Israel has about 800 b.cu.m. in confirmed natural-gas resources, according to the report, which still requires cabinet and Knesset approval. In addition, there are 680 b.cu.m. in known prospective resources, of which some 150 b.cu.m. are said to have at least a 90 percent probability of success.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS