Such a business plan necessitates the discovery of additional quantities of natural gas, the Minister added.

He noted moreover that discussions so far with possible investors are of “an exploratory nature”, with the Ministry aiming to better understand the terms and conditions these organizations set out before proceeding with the financing of such a large-scale project.

“When we reach the point of having an unambiguous, viable business plan, we will follow all legal procedures to choose among competing institutions,” Lakkotrypis has pointed out.

The Minister was speaking after a meeting with the President of the “Alliance of Citizens” party, at the Ministry of Energy, in Nicosia.

Cyprus is currently developing natural resources discovered within the Republic’s Exclusive Economic Zone, with several international companies involved in hydrocarbon exploration and exploitation activities.

Source: Famagusta Gazette