ECONOMY

Total inks outline deal for investment in gas export facilities on Cyprus

France’s Total has signed an outline deal to invest in facilities to export gas from Cyprus, which wants to exploit its reserves rapidly to help it emerge from financial crisis, government sources said on Tuesday.

Total, Italy’s Eni, South Korea’s Kogas and Noble Energy are among the energy firms that have signed deals to explore Cyprus’s newfound gas potential.

Government officials in Cyprus said that Total had signed a memorandum of understanding on a second liquefied natural gas (LNG) production line, known as a train in the industry.

The estimated cost would be $3 billion, they said, which would be in addition to the estimated $6 billion cost of the first LNG train.

[Reuters]