Energean updated its offer to supply Israeli gas to Cyprus

Energean updated its offer to supply gas to Cyprus by pipeline by March 2021 from its Israeli gas fields Tanin and Karish on the border to Lebanon. The Greek company says that this is supplementary to the LNG import procedures launched by the government of Cyprus through Defa.

The company states that its proposal makes it possible for Cyprus to obtain gas at a very competitive price, without the burden of any infrastructure or upfront investment cost, with obvious benefits for the Cypriot economy and Cypriot energy consumers. It opens competition in the Cypriot energy market as a whole, through the supply of natural gas to private companies holding electricity licenses. It also enhances security of supply and strengthens Cyprus geopolitical role. It would certainly strengthen Cyprus relationship with Israel.

With the recent discovery of more gas in its Israeli gas fields, the company now has the necessary permits to export such gas.

Energean also announced that it has signed a letter of intent for supply of gas to private power generation licence holders in Cyprus.