Energy Minister for South Cyprus, Giorgo Lakkotrypis has said that the construction of an LNG plant will go ahead.
Speaking to a conference on the eastern Mediterranean last night in Nicosia, he said that:
“The verified discoveries by Noble Energy International of significant quantities of natural gas in block 12 within Cyprus’ exclusive economic zone is an important step towards materializing our goals,”
The minister added that establishing the South as a hub for energy in the south eastern Mediterranean was a “non-negotiable target”.
Next year, energy companies Eni/Kogas and Total are expected to begin exploring for hydrocarbons in the region.
He further referred to the potential for closer cooperation between the countries of the region and noted in particular the Memorandum of Understanding, signed last summer by Cyprus, Greece and Israel on environmental issues and their potential link through an underwater energy cable. These moves, he hoped, would reflect the south eastern Mediterranean as a credible energy source for Europe and help to lift Cyprus out of its isolation with regard to energy and reduce energy costs.