The construction of the LNG terminal at Vasilikos in South Cyprus, is the best option, so says a second interim report prepared by the Massachusetts Institute of Technology (MIT) and Cyprus Institute (CyI).
Addressing a two day workshop which began on Friday, the South Cyprus Energy Minister said that the government still plans to build the LNG plant.
He added that the South’s government will carry out all the necessary steps for the construction of the LNG Plant and has already signed Memoranda of Understanding for reaching a Project Agreement with Noble Energy, Delek, Avner and Total.
“We are confident that it is (the LNG Plant) in fact the best available option in terms of building economies of scale maximizing profits and access to the most attractive global markets, with the flexibility offered by its operation also allowing for the potential processing of natural gas from other countries in the region”, he said.
The cost of building the LNG plant which will include a second train* is estimated at around USD 9 billion.
*an LNG train is the unit which compresses natural gas into a liquid.