Cypriot minister: 2 major gas companies keen on Israel-Cyprus plan for pipeline

Two major international oil and gas companies have so far expressed interest in Israeli-Cypriot plans to build a pipeline that would convey offshore natural gas from both countries to Cyprus where it would be liquefied for export by ship, a Cypriot official says.

Cypriot Energy Minister Giorgos Papanastasiou tells The Associated Press in an interview that the plan will be pitched on May 29 to energy companies involved in hydrocarbon exploration off Cyprus’ southern coast and other firms involved in pipeline and gas processing plant manufacture.

Getting energy companies on board is essential to get the project off the ground, and Papanastasiou will also present it individually to each firm in order to secure their backing.

Papanastasiou says the project’s key drawing card for energy companies is its low cost relative to other exporting methods, such as an idea for a 6-billion-euro ($6.5 billion), 1,900-kilometer (1,180-mile) pipeline connecting east Mediterranean gas deposits directly to Europe.