Aphrodite back in the limelight - CYPRUS MAIL

September 25, 2022
Dr. Charles Ellinas

The roadmap to resolve the dispute with Israel is welcome but Europe is still phasing out gas

The news this week that the energy ministers of Cyprus and Israel agreed to a roadmap for future negotiations on how to resolve the long-standing dispute on how to share the Aphrodite gasfield that Israel claims extends into the adjacent Ishai block. This is long-overdue and is a welcome development. The two ministers have made significant progress on the principles of a unitization agreement and the terms for an expert to be appointed to advise on the Ishai share.

Teams from the two sides will continue the discussions “over the coming weeks,” but no firm timetable was given. However, with terms still to be agreed, an expert to be appointed, review the geological, survey and all drilling data and make recommendations for the two sides to agree, this will take months.

Defa chairman says gas brings millions of euros to Cyprus - CYPRUS MAIL

December 4, 2020

Andrew Rosenbaum

“The import of gas into Cyprus has the potential to transform the country’s economy and, as a result of this gasification of the island and the region, is already bringing in millions of euros,” Cyprus Natural Gas Public Company (DEFA) chairman Symeon Kassianides pointed out.

Speaking at a webinar sponsored by the Petroleum Economist magazine entitled “Unlocking the potential of East Med Gas,” Kassianides explained the many benefits of the import of gas to Cyprus.

“Not only does it permit the reduction of electricity costs, which are among the highest in Europe, but also because it will permit the opening up of the electricity market. This has been open for some time, but the sale of electricity to the grid depends on the arrival of gas on the island – independent electricity producers had dormant licences which are soon to become a reality.”

“Another new reality is the creation of gas-powered generation plants which are now coming to Cyprus. Renewable generation projects are planning to use gas turbines so that they can produce cheap electricity round the clock and not only when the sun is up during the day. This will make renewables even more viable, so in terms of the energy production we have a complete transformation.”

EBRD supports decarbonisation of energy sector in Cyprus - EBRD

31 Jul 2020

Olga Aristeidou

• EBRD loan of €80 million, alongside EU and EIB financing, for floating storage and regasification unit in Cyprus
• Natural gas introduced to Cyprus, reducing dependence on oil
• Substantial reduction expected in local emissions of CO2 and air pollutants

The population of Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the European Union (EU).

The EBRD is providing a €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of a floating storage and regasification unit (FSRU) and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus.

Cyprus’ Natural Gas Infrastructure Company secures €80 million financing by EBRD - IN-CYPRUS / CYPRUS NEWS AGENCY

26.JUNE.2020

European Bank for Reconstruction and Development (EBRD) gave the green light for 80 million euros funding to the Natural Gas Infrastructure Company of Cyprus (ETYFA). The Loan Facility will be covering the construction of the Liquefied Natural Gas (LNG) Import Terminal in Cyprus. The financing is of a 20-year duration.

According to an ETYFA’s press release, funding is additional to ETYFA’s already approved financing by the European Investment Bank (EIB). EIB has approved a 150-million-euro funding to ETYFA on June 11th. The total capital expenditure budget of the project is 289 million euros, while ETYFA has already secured a 101 million euros subsidy by the European Commission, through “Connecting Europe Facility” (CEF) and 43 million euros, from the participation of the Electricity Authority of Cyprus (EAC) in the shareholding structure of ETYFA.

“Both the decision made by EIB, and the decision by EBRD highlight once again the trust of the European institutions towards ETYFA and energy authorities in Cyprus”, the press release points out.

The project is considered of major importance for the energy future of Cyprus.

EIB approves €150 million for LNG project in Cyprus - CYPRUS NEWS AGENCY (CNA)

CNA - Cyprus/NICOSIA 11/06/2020 20:31

European Investment Bank’s (EIB) Board of Directors has approved the amount of €150 million to fund the construction of a project which will allow the import of liquefied natural gas (LNG) in Cyprus, Natural Gas Public Company (DEFA) announced on Thursday.

In a press release DEFA says that the project will be implemented by Natural Gas Infrastructure Company of Cyprus (ETYFA).

In particular, the loan is of a duration of 20 years with a favourably low rate and will cover capital construction expenditure, the press release adds.

Cyprus seeks EUR 150 mln EIB financing for Nat gas infrastructure - FINANCIAL MIRROR

19 March, 2019

Cyprus is in talks with the European Investment Bank (EIB) for over a €150 mln in financing for the construction of infrastructure to transport natural gas to the island, said Finance Minister Harris Georgiades.

EIB President Werner Hoyer appeared optimistic that the credit institution will be able to take part in the project.

“From 2013 until today we have signed financing agreements of a value of €1.5 billion,” the Finance Minister said at a Nicosia press conference Monday.

“Half of that amount is aimed at small and medium size enterprises through Cypriot banks, this has contributed in a decisive way to the Cypriot economy’s recovery,” he added.

The government aims to maintain and expand on financing programmes for small and medium size enterprises.

Greek Energy Forum Newsletter, 16th July 2018 - GREEK ENERGY FORUM

16 July 2018

Lots of good news emerging out of Greece over the past two weeks:

Greece’s energy regulator, RAE, auctioned off a total of 277.32 MW in wind and solar photovoltaic (PV) capacities in in an auction held on July 2, obtaining prices lower than in the December 2016 pilot tender.

Bulgarian Energy Holding (BEH) and the European Investment Bank (EIB) have signed a Memorandum of Cooperation for the financing of the Bulgarian side of the Greek-Bulgarian gas grid interconnector (IGB), while, in a concurrent development, the IGB consortium and the TAP consortium, constructing the gas pipeline to carry Azeri natural gas through northern Greece, Albania and across the Adriatic Sea to Italy, have also signed an interconnection agreement to link the two pipelines.

Greek shipowners, meanwhile, continued their ordering spree focused on the LNG Carrier segment.

And the Copelouzos group has made moves both in the renewables/conventional electricity sector and in the DEPA Trade sale.

On the other hand, however, Eurasia Interconnector and ITPO seem highly unlikely to reach an agreement regarding the development of the Crete link. RAE is pushing the two stakeholders to form a joint venture for the delivery of the project as per the MoU signed last October. However, the Eurasia Interconnector consortium does not favour this solution and insists that the project is included in its responsibilities i.e. the connection of the Greek, Cypriot and Israeli grids via Crete.

Pyatt welcomes steps on Greek-Bulgarian gas pipeline - ANA-MPA / CAPITAL

Monday, 2 July 2018 - 18:50

US Ambassador Geoffrey Pyatt welcomed agreements that were signed last week regarding the construction of a natural gas pipeline between Greece and Bulgaria.

"An important and welcome development as we seek to enhance diversity of supply and routes in the European gas market. Also complements the Planned Alexandroupoli floating LNG storage and regasification unit," he said in a tweet.

Last week several agreements were signed in Sofia regarding the construction of the IGB gas pipeline linking the two countries.

A cooperation agreement was signed between IGB and TAP for connectivity of the two gas pipelines, while, a joint declaration was also signed between the shareholders in the project company for confirming a commitment to start its construction.

Additionally, a Memorandum of Understanding between the Bulgarian Energy Holding (BEH) and the European Investment Bank (EIB) was signed regarding the realization of the IGB project. The memorandum concerns securing preferential loan financing in connection with using the state guarantee of Bulgaria (expected 110 million euros) and is a key step in IGB’s realization.

DEFA to seek gas providers next month - CYPRUS MAIL

March 20, 2018
George Psyllides

The state gas company (Defa) said Tuesday it will be inviting tenders next month for the supply of liquified natural gas for power generation.

Defa chairman Symeon Kassianides also told the House commerce committee that it will be issuing a call for bids for the necessary infrastructure.

The new effort aims at having the fuel by January 2020 to avoid emissions fines.

The two contracts will be separate, Kassianides said.

The Defa chairman said a floating unit to store and deliquefy the fuel will cost some €250m of which 40 per cent, or €101m, will come from the EU.

The European Investment Bank has expressed interest to participate in the project while the island’s state-owned electricity company (EAC) will also hold 30 per cent.

EIB approves 932 mln euro loan for TANAP gas pipeline - REUTERS

MARCH 15, 2018 / 5:48 PM
Reporting by Alissa de Carbonnel; editing by Philip Blenkinsop

BRUSSELS, March 15 (Reuters) - The European Investment Bank approved 932 million euros ($1.15 billion) in financing on Thursday for the Trans-Anatolian Natural Gas Pipeline (TANAP), the largest part of a $40 billion project to bring new gas supplies to Europe.

The so-called Southern Gas Corridor is expected to bring around 16 billion cubic metres per year to Europe by 2020 from the Shah Deniz 2 field in Azerbaijan via TANAP through Turkey, the South Caucasus pipeline extension through Georgia and the Trans-Adriatic Pipeline (TAP) to Greece, Albania and Italy.

Shah Deniz 2 is one of the world’s largest gas fields and is developed by a BP-led consortium.

Financing for construction of the TANAP pipeline has already been approved by the European Bank for Reconstruction and Development (EBRD), the World Bank and Asian Infrastructure and Investment Bank (AIIB).

EIB approves 1.5 bln euro loan for TAP gas pipeline - REUTERS

FEBRUARY 6, 2018 / 7:39 PM
Alissa de Carbonnel, Editing by Jane Merriman

BRUSSELS, Feb 6 (Reuters) - The European Investment Bank on Tuesday approved a 1.5 billion euro loan for the Trans-Adriatic Pipeline (TAP), part of a $40 billion project to bring new gas supplies to Europe.

The European Union is trying to reduce its dependence on Russian gas by developing the so-called Southern Gas Corridor which is expected to bring around 16 billion cubic metres of gas per year to Europe by 2020.

The gas would come from the Shah Deniz 2 field in Azerbaijan via several routes, including the Trans-Adriatic Pipeline (TAP) to Greece, Albania and Italy.

TAP is slated to bring up to 10 billion cubic metres of gas to Italy from Shah Deniz 2 - one of the world’s largest gas fields developed by a BP-led consortium.

EIB Vice President Andrew McDowell told Reuters the TAP project would help to offset declining European production, provide a diversified source of gas and displace coal-fired power generation in central and south eastern Europe.

EU to provide €35m for Cyprus oil stocks - CYPRUS MAIL

FEBRUARY 2ND, 2018

The European Investment Bank is to give €35 million to the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) to build a 210,000 tonne privately owned storage facility.

The project will focus on enhancing energy efficiency and improve Cyprus`s energy security by increasing the amount of reserve oil stocks held in the country.

“The EU’s Energy Union strategy aims to make energy more secure and affordable,” said Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness.

“This first EFSI project in Cyprus with COSMOS will help us meet those goals. I encourage more project promoters in Cyprus to contact the EIB with their investment proposals in order to continue boosting growth and creating jobs,” stated the Commission Vice President.

EBRD grants $500M in financing to TANAP - KALLANISH ENERGY

October 19, 2017

The European Bank for Reconstruction and Development (EBRD) approved Wednesday a $500 million loan to help finance construction of the $8.6 billion Trans-Anatolian Natural Gas Pipeline (TANAP), Kallanish Energy reports.

The project will deliver “crucial energy supplies from the Caspian Sea through to Europe along the Southern Gas Corridor (SGC), and make an important contribution to the energy security and diversification (in Europe),” the EBRD said.

The 1,850-kilometer (1,150-mile) line accounts for over half of the 3,500 km (2,174-mile) SGC pipeline system, and will transport 16 billion cubic meters per year (Bcm/y – 564.8 billion cubic feet, Bcf/y) by 2020.

Turkey will consume 6 Bcm/y (211.8 Bcf) and the remaining 10 Bcm/y (353 Bcf/y) have already been contracted by several European gas traders, mostly in the Italian market.

Some $1.4 billion of financing loans were granted last year for TANAP — $800 million from the World Bank and $600 million from the Asian Infrastructure Investment Bank (AIIB). The European Investment Bank (EIB) is considering to finance $2 billion of the project, but its final decision is due next month.

EBRD to provide $500M for TANAP -DAILY SABAH - ANADOLU AGENCY

ANKARA, August 4, 2017

On Oct. 18, the board of the European Bank for Reconstruction and Development (EBRD) should approve a $500 million financing package for Azerbaijan's Southern Gas Corridor Inc. to be used for the Trans-Anatolian Natural Gas Pipeline (TANAP) project, the largest part of the Southern Gas Corridor.

An EBRD statement pointed out that the World Bank approved $800 million in financing and the Asian Development Bank approved $600 million in financing for TANAP, which will cost $8.6 billion.

Also, the statement indicates the European Investment Bank is considering providing financing for TANAP, emphasizing that the project is important for Turkey and Europe in terms of energy security and resource diversity.

Two teams forming for DESFA tender, expected this week - ENERGY PRESS

20.6.2017 

Two camps appear to be forming as the main candidates in a new sale offering 66 percent of DESFA, Greece’s natural gas grid operator, whose tender could be announced this Thursday.

Italy’s Snam, emerging as the outright favorite, could bid alone or as part of a consortium with a non-operator co-investor such as the fund SFPI, which recently expressed an interest in DEFSA.

Cyprus moving towards a second fuel storage terminal - CYPRUS MAIL

May 28, 2017

Discussions between the Cyprus Organisation for Storage and Management of Oil Stocks (KODAP) and the European Investment Bank (EIB) for the financing of a fuel storage terminal are progressing smoothly, KODAP President Panagiotis Malekos has told Cyprus News Agency (CNA).

Malekos said EIB officials visited Cyprus for a main evaluation mission in early 2017, adding the process is expected to conclude in the coming months with the final loan approval.

The state-owned fuel storage terminal’s cost is expected to exceed €40 million and construction works are expected to begin at the end of 2017 or early 2018. This will be Cyprus’ second storage terminal following the operation of a private-owned terminal operated by VTTV, a subsidiary of VTTI, in Vasilikos.

Greece to conclude power grid spin-off by June -ADMIE chief - EURONEWS

18/05/2017Reporting by Angeliki Koutantou; Editing by Karolina Tagaris and David Goodman

ATHENS (Reuters) - Greece will conclude the spin-off of power grid operator ADMIE (ΑΔΜΗΕ) by mid-June, meeting a key term of its third international bailout,ADMIE’s chief executive said on Thursday. Athens and its EU/IMF lenders had agreed that 24 percent of ADMIE, owned by state-controlled utility Public Power Corp, would be sold this year to China’s State Grid Corp and a further 25 percent to a Greek state holding company. 

TANAP's external financing could reach $4bn: SOCAR - NATURAL GAS WORLD

December 16th, 2016, 9:45am

Shareholders in the Tanap gas pipeline may draw $4bn from international financial institutions for the project's construction, Azerbaijan state oil and gas company Socar's president Rovnag Abdullayev said in an interview with the Turkish news agency Anadolu December 15.

“Attracting external funding for Tanap is being negotiated with banks. So far, there are no concrete results, but we assume that the negotiations for the project will attract $4bn,” said Abdullayev.

Negotiations are conducted with the World Bank's International Bank for Reconstruction and Development (IBRD) and Multilateral Investment Guarantee Agency (MIGA), as well as with the Asian Infrastructure Investment Bank (AIIB), the European Investment Bank, and the European Bank for Reconstruction and Development (EBRD), he said.

There is still a possibility of transferring a 8% stake in the Tanap project to Socar Turkey Energy from the 58% currently held by Socar, said Abdullayev, adding: "We expect that this transfer will be formalized soon."

Gas in the Eastern Mediterranean: "pragmatism" is the watchword - ABO

Nov, 04 2016
Nicoló Sartori

While it is clear to many that gas in the Eastern Mediterranean is an opportunity for the entire region, it is equally clear that concrete initiatives on the industrial plan must be launched in adequate times and manner
In recent years, the development of gas reserves in the Eastern Mediterranean has fueled high expectations in the region and globally. Not only as a strengthening factor of energy policies for the players involved, but also as a real geopolitical game-changer and uniting element in an area that is still very unstable and divided. In addition to this is the hope that gas discoveries will act as a catalyst for greater cooperation between the European Union (Italy in particular) and the southern Mediterranean countries, the Mare Nostrum too often becoming a disaggregating element rather than a™ driver of peace and prosperity. However, as emerged from the conference organized in October by the Institute of International Affairs (IAI) and by the Italian Centre for Peace in the Middle East (CIPMO), optimism regarding the possible development of hydrocarbons in the region must necessarily deal with a series of local dynamics, time constraints and economic and industrial factors that will significantly influence the possibilities for gas exploration and export from the area.

EU supporting Egypt with €200m for ongoing energy projects: EU delegation deputy head - MENAFN / DAILY NEWS EGYPT

25/09/2016

(MENAFN - Daily News Egypt) All grants from the European Union to Egypt for ongoing projects in the energy sector will amount to a total of approximately 200m, according to Reinhold Brender, deputy head of the EU delegation to Egypt.

Financial support from the EU significantly helped Egypt design its new Integrated Sustainable Energy Strategy for 2035, Brender explained in an interview with Daily News Egypt on the sidelines of a conference on the sustainable energy strategy. This conference took place last week and was co-organised by the EU under the patronage of the Egyptian prime minister.