The Council of Ministers has decided that negotiations must begin immediately with the Italian-Korean consortium ENI / KOGAS and the French Total E & P Cyprus on building a terminal for liquefied natural gas at Vasiliko, the Ministry of Energy, Commerce, Industry and Tourism said today in a press release.
"During yesterday`s meeting, the Council of Ministers decided that the competent team, which negotiates with the consortium Noble Energy International Ltd / Delek Drilling Ltd Partnership / Avner Oil Exploration Ltd Partnership, starts negotiations immediately with the Italian-Korean consortium ENI / KOGAS, operating in blocks 2, 3 and 9 of Cyprus` Exclusive Economic Zone, and the French Total E & P Cyprus, operating in blocks 10 and 11, on the agreements required for the construction and operation of the liquefied natural gas plant at Vasiliko,” the press release said.
These negotiations are the result of Memoranda of Understanding signed between the Ministry of Energy, Commerce, Industry and Tourism and those companies which have exploratory license in the Cypriot EEZ blocks.
Cyprus is currently developing natural resources discovered within the Republic’s Exclusive Economic Zone, with several international companies involved in hydrocarbon exploration and exploitation activities.