Greek vitality exploration and manufacturing firm Energean plc (LSE: ENOG; TASE: ENOG), which operates Israel’s offshore Karish, Tanin and Katlan gasoline fields, has signed a memorandum of understanding (MoU) with Cypriot firm Cyfield, to provide pure gasoline to a electrical energy manufacturing plant that the corporate will construct close to Larnaca. If the challenge can be authorized by the Cypriot authorities, Cyprus will grow to be the third nation to import pure gasoline from Israel after Egypt and Jordan.
Energean will finance and construct a brand new underwater pipeline that may join the Karish platform to Cyprus, at a value of a whole lot of tens of millions of {dollars}. At this stage, the corporate declines to specify the portions and scale, however it’s clear that to justify the funding, the anticipated from the challenge must attain at the least a whole lot of tens of millions of {dollars} over time.
The corporate’s announcement stated, “Energean has proposed to the governments of Cyprus and Israel to export pure gasoline from Israel to Cyprus through a brand new gasoline pipeline, a challenge with many advantages for each markets, which can promote regional cooperation within the vitality sector and contribute to the event of a aggressive and interconnected gasoline market within the Japanese Mediterranean. In accordance with the proposal, Energean can be accountable for the design, building, and operation of a brand new underwater gasoline pipeline owned by the corporate, which can join the Karish platform, working in Israel’s financial waters, on to Cyprus.” The pipeline will join instantly from the Karish platform to Cyprus, with out first passing by means of Israel.
Authorities monopoly
Since it is a large-scale infrastructure challenge, the settlement requires the approval of the Cypriot authorities. In accordance with media stories in Cyprus, the Cypriot Ministry of Power is analyzing the memorandum of understanding signed between Energean and Cyfield, and its official response can be forthcoming. One of many fundamental points being examined is the standing of the state gasoline monopoly DEFA, which holds unique rights to import gasoline into the nation, whereas Cypriot vitality firm Cyfield is taken with importing it instantly.
Israel’s Minister of Power and Infrastructure Eli Cohen has already welcomed the proposal. He stated, “Israeli gasoline is an incredible strategic asset for the State of Israel. Promoting gasoline to Cyprus will strengthen Israel’s political place within the area generally and vis-à-vis European international locations, will assist improve stability and prosperity in our area, and can carry billions of shekels to the nation. I intend to proceed working to develop export locations for Israeli gasoline.”
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Energean CEO Mathios Rigas added, “Selling the stream of pure gasoline to Cyprus is a major step for the advantage of the economic system and customers. Our proposal supplies a sensible and efficient answer to scale back Cyprus’ vitality isolation, by means of direct entry to pure gasoline from a neighboring supply.”
Cyfield Group CEO George Chrysochos stated, “The collaboration with Energean has the potential to vary the way forward for Cyprus’ vitality. We look ahead to working carefully with the Cypriot and Israeli authorities to carry this vital challenge to fruition, topic to all crucial approvals.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on November 2, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
