Cyprus Shuts Gas Tender

Cyprus’ state-run natural gas company Defa, on 10 June announced it has “examined and completed the evaluation of the latest revised commercial and financial proposals received from bidders,” for a tender to supply the Mediterranean island with natural gas.

The tender seeks gas volumes rising from 19.5-30.4 trillion BTU in the first year to 25-43 trillion BTU by 2025. First gas is to be delivered between 1 January 2016 and 30 June 2017, with DEFA thought to favor bids that stipulate an earlier start date (MEES, 18 April 2014).

MEES understands three bids are being examined: from a Greek consortium headed by local businessmen; from trading giant Vitol which this year opened an oil products storage terminal on the island; and from Israeli firm Delek which has stakes in Cyprus’ only offshore discovery, 5 tcf Aphrodite, as well as around 35 tcf of discoveries offshore Israel. (CONTINUED - 374 WORDS)