Cyprus's DEFA invites investor interest for gas supply contract

DEFA, Cyprus’s state-run natural gas supplier, said Friday that three companies have qualified to proceed to the next round of a tender to provide it with fuel until September 2018, when the island nation expects to exploit its own reserves.

DEFA said it chose the three bidders, without identifying them, from a group of eight which had submitted binding offers, according to an e-mailed statement from the Nicosia-based company. The next round of the process will be held on February 18-20.

DEFA has called for proposals that would reduce the cost of producing electricity in Cyprus, which isn’t linked to European grids. Bidders can suggest any means to supply and transport the gas, the company said on September 27 when it invited investor interest. [Bloomberg]