Commerce Ministry is promoting an interstate agreement with Israel on natural gas for the needs of two EAC units of 450 megawatt until the extraction of hydrocarbons from the Cypriot EEZ in 2017.
Commerce Minister, Neoclis Silikiotis, speaking to House Commerce Committee, said that the agreement with Israel will be signed in the next two months. The agreement will provide for the natural gas transfer from the Tamar plot of Israel from 2015, as an interim solution until the extraction of gas from the Cypriot plots.
The Minister secured the Council of Ministers’ approval.
Mr. Silikiotis clarified that the purpose of this interim solution is cheaper gas the soonest possible.
During his last visit to Israel, he asked by the Israeli authorities to supply Cyprus with natural gas for EAC’s needs.
Although Israel wants to keep all quantities for its own needs, it saw positively the cooperation and decided to introduce a working group between the two countries.
“Israel’s needs are of 12.5k megawatt and we asked for 450 megawatt for the two EAC units.
At this point, Mr. Silikiotis reminded EAC’s cooperation with the corresponding Israeli authority for the study of the underwater pipeline of Cyprus – Israel – Greece to supply Europe with electricity.
Also, the Minister reached an agreement for the co-exploitation of natural gas deposits.
“Co-exploitation will be for deposits already defined. However, at some stage there must be an involvement of companies participating in the extraction”, he said.
“Similar agreements will be reached with more neighbouring countries (Egypt, Lebanon).
Hydrocarbon Fund
According to Mr. Silikiotis, the IMF will conduct a study for the establishment of a Hydrocarbons Fund in Cyprus to deposit all revenues from natural gas exploitation, while part of them will go to the annual budget.
On another question, Mr. Silikiotis said that the strategic investor who will undertake the creation of a fuel terminal will be selected by September.
Neighbouring countries to meet in Cyprus
Mr. Silikiotis revealed that he submitted a proposal to the EU – already adopted – for a meeting of the “European Unioon of neighbouring countries” in Nicosia on energy.
The list includes Turkey, Lebanon, Israel, the Palestinian Authority, Jordan and Egypt. Syria has been excluded due to embargo.
Commerce Minister, Neoclis Silikiotis, speaking to House Commerce Committee, said that the agreement with Israel will be signed in the next two months. The agreement will provide for the natural gas transfer from the Tamar plot of Israel from 2015, as an interim solution until the extraction of gas from the Cypriot plots.
The Minister secured the Council of Ministers’ approval.
Mr. Silikiotis clarified that the purpose of this interim solution is cheaper gas the soonest possible.
During his last visit to Israel, he asked by the Israeli authorities to supply Cyprus with natural gas for EAC’s needs.
Although Israel wants to keep all quantities for its own needs, it saw positively the cooperation and decided to introduce a working group between the two countries.
“Israel’s needs are of 12.5k megawatt and we asked for 450 megawatt for the two EAC units.
At this point, Mr. Silikiotis reminded EAC’s cooperation with the corresponding Israeli authority for the study of the underwater pipeline of Cyprus – Israel – Greece to supply Europe with electricity.
Also, the Minister reached an agreement for the co-exploitation of natural gas deposits.
“Co-exploitation will be for deposits already defined. However, at some stage there must be an involvement of companies participating in the extraction”, he said.
“Similar agreements will be reached with more neighbouring countries (Egypt, Lebanon).
Hydrocarbon Fund
According to Mr. Silikiotis, the IMF will conduct a study for the establishment of a Hydrocarbons Fund in Cyprus to deposit all revenues from natural gas exploitation, while part of them will go to the annual budget.
On another question, Mr. Silikiotis said that the strategic investor who will undertake the creation of a fuel terminal will be selected by September.
Neighbouring countries to meet in Cyprus
Mr. Silikiotis revealed that he submitted a proposal to the EU – already adopted – for a meeting of the “European Unioon of neighbouring countries” in Nicosia on energy.
The list includes Turkey, Lebanon, Israel, the Palestinian Authority, Jordan and Egypt. Syria has been excluded due to embargo.
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