The Government of Cyprus signed a Memorandum of Understanding (MoU) with Block 12 contractors to negotiate and sign a Project Agreement for the Liquefied of Natural Gas (LNG) Project for the exploitation of Cyprus natural gas resources. This Agreement will define the structure and operation of the LNG plant. A similar Agreement was also signed between the Government of Cyprus and Total.
The LNG Project proposal will be the biggest investment in Cyprus’s history and, according to current planning, the first LNG cargo will be delivered in early 2020. The first phase of LNG Project will have an initial capacity of 5 MTPA (one train), with a potential to expand to 15 MTPA (three trains).
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