Cyprus Approves LNG Terminal Deal

Cyprus Cabinet approved the decision for the signing of the Memorandum of Understanding  with the companies Noble Energy International, Delek Drilling  and Avner Oil Exploration for the LNG terminal, the deputy government spokesman, Victoras Papadopoulos said.

He also revealed that Cyprus and Israel could reach a deal within the next two to three months on imports of Israeli gas into the island.

The estimated $10 billion needed to build the LNG export terminal and infrastructure would be the largest investment in the history of Cyprus.

Cyprus plans to start LNG exports in 2020 and to process not only its own gas but also supplies from Israel and potentially Lebanon.

[mappress]