The Greek company Energean, which holds licenses to develop small natural gas fields “Karish”, “Tanin” and “Katlan” in Israel’s exclusive economic waters, has entered into a framework agreement to supply gas from these fields to Cyprus.
The buyer of the gas will be the Cypriot holding Cyfield, which will build a gas power plant on the island. The construction of an underwater gas pipeline from the fields to Cyprus will be financed by Energean.
The draft requires ratification by the governments of Cyprus and Israel. If the project is implemented, the Cypriot state company DEFA will lose its monopoly on gas supplies to the island.