Monthly Archives August 2020

Egypt and Greece sign agreement on exclusive economic zone

CAIRO (Reuters) – Egypt and Greece signed an agreement on Thursday designating an exclusive economic zone in the eastern Mediterranean‮‮ ‬‬between the two countries, an area containing promising oil and gas reserves, Egyptian Foreign Minister Sameh Shoukry said. Shoukry made the announcement at a joint press conference with his Greek counterpart Nikos Dendias in Cairo. “This agreement allows both countries to move forward in maximizing the utilization of the resources available in the exclusive economic zone, especially promising oil and gas reserves,” Shoukry said. In Greece, diplomats said the deal effectively nullified an accord between Turkey and the internationally recognised
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Categories: News.

Egypt and Cyprus to boost Eastern Med gas ties

Egypt and Cyprus plan to boost cooperation in developing gas infrastructure in the Easter Mediterranean. Egypt’s petroleum and mineral resources minister Tariq Al-Mulla on Wednesday discussed plans to convert the East Mediterranean Gas Forum to an intergovernmental organization with Cyprus’s Minister of Energy Natasa Pilides. The pair agreed to hold a further meeting within the next two weeks to complete the procedures for the forum. The two countries also progressed talks to build a marine pipeline between the two countries to transfer natural gas from the Aphrodite gas field of Cyprus and re-export it through Egypt. To continue reading the
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Categories: News.

EU banks support natural gas adoption in Cyprus

he Natural Gas Infrastructure Company of Cyprus has secured a €80 million ($94.7 million) loan from the European Bank for Reconstruction and Development (EBRD) to accelerate the use of natural gas to decarbonise the country’s energy sector. The loan will be issued in partnership with the European Investment Bank (EIB) and the European Union (EU). The utility will use the loan to acquire a floating storage and regasification unit (FSRU) and to develop related infrastructure. The EU is extending a €101 million ($119.6 million) grant for the project under the Connecting Europe Facility. The remaining project costs will be funded by a
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Cyprus Gets EBRD Loan to Buy FSRU

The European Bank for Reconstruction and Development (EBRD) will provide an €80 million loan ($94,7 million), alongside EU and EIB financing, for a floating storage and regasification unit in Cyprus The EBRD is providing an €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of an 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. The EU is extending a €101 million grant
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Categories: News.

EBRD supports decarbonisation of energy sector in Cyprus

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), EBRD press release said. 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
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Categories: News.

Cyprus gets EBRD and EU financing for natural gas

Cyprus’s dependency on oil for energy will be reduced after a €374 million landmark project introduces natural gas to the country for the first time. 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
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Categories: News.