Cyprus signs MOU for LNG terminal talks with Noble, Avner, Delek

Cyprus signed a memorandum of understanding on Wednesday with Noble Energy, Israel’s Delek and Avner, launching talks for the construction of a liquefied natural gas terminal on the island to tap vast reserves in the Eastern Mediterranean.

The deal is the first in a series of agreements which will be required for the implementation of the project. A target date of Dec. 31 2013 is specified for the completion and signing of a definitive deal.

“On this basis, it is planned that the first LNG cargo would be delivered from the Vasilikos plant to international markets in late 2019, early 2020,» an official statement said.