Revealed: Egypt negotiates purchasing Israeli gas through Cyprus

Revealed: Egypt negotiates purchasing Israeli gas through Cyprus

Publisher

MEMO Publishers

Published

November 2013

Language

English

"Cyprus must do everything possible to secure use of Israeli gas at a planned LNG terminal on the island, or else risk jeopardising the whole project,"Charles Ellinas, national gas company head in Cyprus told Cyprus Gas News on Saturday. Ellinas argued that the estimated 5 trillion cubic feet in Cyprus' exclusive economic zone (EEZ) was simply not enough to justify the construction of a costly liquefaction plant at Vassilikos.

This project is a plan by the eastern Mediterranean country to tap into the Asian market, known to be more lucrative than Europe's, by collaborating with Israel on their already existing reserves. In return, Israel will have easier access to the European market and will not have to invest in LNG facilities, which Cyprus is in the process of constructing.

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