15 April 2014 21:46

Israel has put previous plans to pump its gas reserves into a future export plant in Cyprus on the back burner, according to a Reuters report from London released on Monday.
And this deals a major blow to the indebted Mediterranean island's ambitions to become a global player in the gas market.
"If Israel has really ditched Cyprus as a partner to develop the region's gas resources, then we (Cyprus) really do have to find quite a lot more gas if we want to become a viable exporter, and that would inevitably throw our plans back by several years," said one source involved in developing the island's gas reserves.
An LNG export plant at Vasilikos, Limassol, was due to deliver at least 5 million tonnes a year to Europe and Asia, allowing Europe to reduce its growing dependency on Russia.
Israel's new plans throw Cypriot developments into doubt as investors would require more gas than Cyprus has on offer to make returns on multibillion-dollar investments.
 


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