Negotiations between Cyprus and Noble-Delek for the liquefaction terminal of natural gas, to be built at Vasilikos on the southern coast, are entering a substantive phase Minister of Energy, Commerce, Industry and Tourism George Lakkotrypis told CNA today.
Lakkotrypis said that negotiations on the LNG terminal have been underway for about a month and now they have entered “deep waters” and “substantive” phase, noting that they concern the structure and the share capital of the terminal.
The Minister said negotiations should be completed by December 2013, when a final agreement is expected to be reached, based on the Memorandum of Understanding signed in late June between Cyprus and three companies Noble, Delek and Avner.
Asked about the appraisal drilling in Cyprus` Block 12 by Houston based Noble, Lakkotrypis said the key stage of the drilling has been completed, adding that the drilling has reached a depth of more than 5,600 meters below sea level.
He also noted that the evaluation process regarding the geological data obtained from appraisal drilling has already begun and will last a few weeks.
Asked if there are any early indications as regards the results of the drilling, he said that evaluation process must be completed first before final results are announced.
Asked whether a second appraisal drilling would be necessary, he said that it will become clear in due time.
On the interim solution for the supply of natural gas to Cyprus, he said that a final decision on the interim gas solution is expected to be announced in two weeks at the latest.
Asked to comment on tomorrow`s arrival in Cyprus of Energy Ministers of Israel and Greece, he said that a Memorandum of Understanding between the three countries will be signed during the visit of the two Ministers here.
He said the MoU will constitute the "the framework of a tripartite dialogue on energy issues and water resources with specific suggestions for actions such as the protection of the environment and the management and development of water resources."
— (KYPE)
Link to article: http://famagusta-gazette.com/negotiations-for-cyprus-lng-terminal-enter-substantive-phase-energy-minist-p20193-69.htm
