The Republic of Cyprus
(Republic) today signed a Memorandum of Understanding (MoU) in
respect of the Cyprus Liquefied Natural Gas (LNG) Project with Total
E&P Cyprus B.V. (Total). This follows the award in February to
Total of Exploration and Production Sharing Contracts for Blocks 10
and 11 of the Exclusive Economic Zone (EEZ) of the Republic.
The MoU records the
support of Total for the monetization of potential natural gas
reserves in Blocks 10 and 11 of Cyprus’ EEZ through a variety of
options giving priority to liquefaction and LNG export to European
and Asian markets. In particular the two parties will cooperate on
the feasibility of an onshore LNG plant to be built at Vasilikos,
Cyprus, with due consideration to Total’s views on the structuring
and development of the LNG Project.
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