ECONOMY

Cyprus’s energy minister says Israeli firm interested in gas processing

Cyprus’s energy minister has said that Israeli energy firm Delek is looking to take part in the development of a gas processing facility on the island – a major project the government is hoping will bolster the country’s shaken economy.

Georgios Lakkotrypis said that senior Delek officials on Monday held talks with Cypriot President Nicos Anastasiades.

Delek and subsidiary Avner Oil Exploration hold a 30 percent stake in a gas field off Cyprus’s southern coast that’s estimated to contain 5-8 trillion cubic feet of gas.

Texas-based Noble Energy holds the other 70 percent.

Gideon Tadmor, Delek Drilling Chairman, said he was hopeful of “a long-lasting cooperation between our company, the state of Israel and Cyprus.”

Cyprus has licensed other oil and gas companies including Italy’s ENI, France’s Total and South Korea’s Kogas. [AP]

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