According to the announcement, posted on the group’s website and on the Tel Aviv Stock Exchange, “Delek Group’s gas subsidiaries announced today that they have accepted the request from DEFA to postpone the period of validity of the proposal and acceptance in its terms of a binding agreement for the supply of natural gas, from August 15, 2014 to November 30, 2014.”

“Accordingly, after the proposal has been recognised as eligible and DEFA begins with the commercial examination process, negotiations are expected to take place between DEFA and the bidders in the near future,” the statement added.

It was not immediately clear whether DEFA (Natural Gas Public Company) has extended the period of consideration for all the bids. DEFA could not be reached for comment.

Four bidders, including Delek, have reportedly reached the second stage of the tender process. It’s understood that Israeli companies have an advantage as they can supply gas by undersea pipeline whereas the other proposals involve LNG supply.

Through DEFA, Cyprus is seeking natural gas supplies for domestic power generation until the island’s own reserves become available. Under the tender, the date of first gas supply must fall between January 1, 2016 and June 30, 2017.

Source: Cyprus Mail