Posted at: 06/19/2013 9:05 AM
Cyprus okays gas plant deal with Noble, Delek
(AP) NICOSIA, Cyprus - Cyprus’ deputy government spokesman says the Cabinet has ratified a preliminary agreement with U.S. firm Noble Energy and its Israeli partners Delek Drilling and Avner Oil Exploration on their participation in the development of a planned natural gas processing facility.
Victoras Papadopoulos didn’t disclose Wednesday details of the deal. Cyprus is looking to have the estimated 10 billion euro ($13.41 billion) facility up by 2020 to process offshore gas reserves for domestic use and export. The bailed-out country hopes the project will boost its struggling economy.
Noble, Delek and its subsidiary Avner are partners in a gas field off Cyprus’ southern coast that’s estimated to contain 5-8 trillion cubic feet of gas.
Cyprus has also licensed Italy’s ENI, France’s Total and South Korea’s Kogas to search for offshore gas.
(Copyright 2013 by The Associated Press. All Rights Reserved.)