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An agreement to sign a contract on developing the necessary infrastructure and the supply of liquified natural gas (LNG) in Cyprus has been finalised.
The goal is to be able to use LNG in the market for electricity purposes by the end of 2021.
The deal follows lengthy negotiations between the Natural Gas Infrastructure Company (Etyfa), the Natural Gas Public Company (Defa) and the joint venture JV China Petroleum Pipeline Engineering Co Ltd and Metron SA, which will carry out the project.
The government gave the go-ahead to finalise the deal on November 22 during a meeting at the Presidential Palace in which President Anastasiades made it clear that Defa must go ahead with the procedures for the provision of natural gas in Cyprus.
The final process of examining and signing the complex agreement will take place this week.
The joint venture will also include Hudong-Zhonghua Shipbuilding Co. Ltd and Wilhelmsen Ship Management Limited, vital for the conversion and transport at sea of the gas and will be based in the Vasilikos facilities in Larnaca.
LNG tanker carrier Galea, which will operate from 2021 to 2046, will be used as the Floating Storage Regasification Unit (FSRU).
The total cost for the installation and the deployment of the floating unit is estimated at around €260 million, of which €101 million will be covered by European Union funds.
Source: Cyprus Mail
If you’re considering exporting or importing from/to the Cyprus with a country that has a trade agreement with the EU, you need to know about the EUR1. The EUR1 is a movement certificate (a certificate of origin) that you need to claim a preferential rate of duty (usually zero) when moving goods between the EU and the countries on the agreement list.
The EUR1 forms part of the required customs documentation. It must be presented to the customs office at the receiving country to benefit from a reduced rate of duty. Failure to produce will result in a bill for the normal customs tariff.
To qualify the goods have to originate in the Cyprus or the EU or have been manufactured in a country with a trade agreement with the EU. You may be required to provide proof of this such as documentation relating to the manufacturing of the goods and the origin of materials.
The countries with a current trade agreement with the EU include Albania, Algeria, Bosnia/Herzegovina, Ceuta and Melilla, Chile, Columbia, Egypt, Faroe Islands, Honduras, Iceland, Israel, Jordan, Lebanon, Liechtenstein, Macedonia, Mexico, Montenegro, Morocco, Nicaragua, Norway, Panama, Peru, Serbia, South Africa, Switzerland, Syria, Tunisia, Turkey, Ukraine, West Bank/Gaza Strip.
You can obtain an EUR1 certificate from the Chamber of Commerce. For imports your supplier should obtain the EUR1 from the country’s customs authority.
You’ll need to present supporting documents with your EUR1 application. These include a commercial invoice and evidence of the information given on the form – a packing list or shipping document, for example.
Cyprus on Thursday granted the first hydrocarbon exploitation licence to the consortium that owns the Aphrodite concession, with a view to pipe gas to Egypt and export it in the form of LNG.
The licence, granted to Noble Energy, Shell, and Delek, is for 25 years.
It is based on a production and development program agreed between the government and the companies.
The plan provides for the gas to be piped to a liquefaction facility in Idku, Egypt and later exported to Europe and elsewhere in the form of LNG.
Shell, operators of the Idku facility, in which they also have a 35 per cent stake, will be the buyer of the gas.
“I believe that today’s development is yet another milestone in Cyprus’ energy program, demonstrating that, despite all the difficulties, our program is proceeding as planned,” said energy minister Giorgos Lakkotrypis at the signing ceremony.
Production from Aphrodite is slated to begin in 2025.
But several steps will precede actual production. The first is drilling a second appraisal well at the gas reserve, followed by a Front–End Engineering Design and, lastly, a final investment decision by the concessionaires.
Lakkotypis said the companies intend to drill a second appraisal well over the next 18 months.
Once production begins, Cyprus estimates to generate approximately $9.3bn (€8.4bn) over an 18-year time frame – or some $500m a year.
The estimated revenues are based on a revised production sharing agreement (PSA), also signed Thursday in tandem with the concession agreement.
The Aphrodite prospect holds 4.1 trillion cubic feet of gas.
The $9.3bn in revenues for the Republic are derived from a scenario forecasting an average of $70 per barrel of Brent oil in 2022.
The revised PSA is the outcome of year-long talks between the government and the companies.
Under it, the companies’ share of revenues rises when oil/gas prices are low; conversely, the share of the Cypriot state goes up when oil prices are high.
Lakkotrypis said the government agreed to this formula in exchange for iron-clad commitments from the concession holders.
The companies are contractually bound to adhere to strict development timetables, facing sanctions if they do not, including termination of the contract.
Overall, the companies will be spending approximately €7bn on well infrastructure, borehole drilling and maintenance and operation costs.
The signing ceremony at the ministry of energy was attended by the ambassadors of the United States, the United Kingdom and Israel.
“Cyprus is poised to become a natural gas producer and an alternative source of energy supply to the EU,” Lakkotrypis said later.
“At the same time, one more decisive step has been taken toward realizing the shared vision of countries in our region to create a Mediterranean natural gas corridor to Europe.”
The benefits to Cyprus would be manifold: gas sales revenues, job creation, the acquisition of technical know-how and, last but not least, strengthened relations with the countries involved in the project – Egypt, the United States, Britain and Israel.
Regarding Israeli claims to the Aphrodite prospect, Lakkotrypis said talks are ongoing with Tel Aviv, but that their outcome would not affect the reserve’s development.
A part of Aphrodite’s gas lies within Israel’s exclusive economic zone. Since the gas in the neighboring Yishai prospect, on the Israeli side, is part of a single geological reservoir, its production depends on agreements between the two countries.
Israel and Cyprus signed a delineation agreement in 2010 but haven’t agreed so far on how to develop gas reservoirs straddling both economic zones.
Source: Cyprus Mail
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Shipping Deputy Minister Natasa Pilides has said that Ministry staff is working feverishly on the proposal to be presented to the European Commission regarding a ferry connection between Cyprus and Greece which is expected to be operational by the upcoming summer season.
Speaking to the press in Limassol, Natasa Pilides said that the Ministry is working very intensively on this matter noting that employees at the Ministry are exclusively dealing with this issue by preparing the data to be submitted to the European Commission.
She pointed out that these data which must be examined are quite complex, adding that there are various issues regarding government subsidy of passengers.
Pilides said that the Ministry has to be very careful to ensure that the commercial activities are not subsidized while at the same time several issues are being consulted with the Greek Ministry of Shipping.
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The first stage of Cyprus’ Gas Company’s (DEFA’s) tendering process for the supply of liquefied natural gas (LNG) has seen considerable interest from the international markets, the body said.
According to DEFA, 25 suppliers, among the most dominant in the global LNG market, are seeking to supply gas and have submitted the prerequisites to qualify for the next stages of bidding and negotiation.
“The intense market competition for LNG supplies confirms that the strategy to acquire an FSRU [Floating Storage Regasification Unit] is the right direction” an announcement said.
Bidders / suppliers claiming their participation in the next stages of bidding and negotiating are; Gunvor International B.V. Amsterdam, Naturgy LNG Marketing Limited, Centrica LNG Company Limited, Endesa Energia S.A., Cheniere Marketing International LLP, Equinor ASA, Novatek Gas & Power Asia Pte Ltd, Shell International Trading Middle East Ltd, Enel Global Trading, Eni Trading & Shipping S.p.A., Total Gas & Power Asia Private Ltd, Osaka Gas Kabushiki Gaisha, Powerglobe LLC, Repsol LNG Holding S.A., Petronas LNG Ltd, BP Gas Marketing Limited, Vitol SA, B.B. Energy (ASIA) Pte Ltd, Mytilineos S.A., Uniper Global Commodities SE, Marubeni Corporation, SONATRACH and Public Gas Corporation (DEPA) S.A., Eni SpA (Gas & LNG Marketing and Power), Glencore Energy UK Ltd and Mitsui & Co. Ltd.
DEFA, following customary international practice for the supply of LNG, launched an open call for Expression of Interest in June 2019. Through this process, DEFA will prequalify and proceed to contract with the LNG suppliers for the procurement of both “spot” cargos and basic quantities of gas. DEFA is expected to proceed to this next stage of the process at the beginning of the new year.
“Turning to natural gas is not only our national strategy but also our European commitment to meeting the environmental and energy goals set by the European Union. The fact that the competition has resulted in numerous and high-profile entries, makes us optimistic that we will also obtain competitive pricing,” said DEFA chief Symeon Kassianides.
With regards to the outcome of the evaluation of the tender for the construction and operation of the LNG infrastructure at Vasilikos, no challenge within the deadline was raised with the Tender Review Authority. As scheduled, the Natural Gas Infrastructure Company (ETYFA) will invite the first ranked consortium to sign the contract in the very near future, the announcement said.
Source: Cyprus Mail
Construction on the main part of the first private power station in Cyprus will start soon, philenews reported.
The station will be located near the existing state-owned Vasilikos power plant in Mari, Limassol.
According to philenews, the earthworks, some basic infrastructure and the road network of the plant have already been completed and construction for the main infrastructure is expected to start soon.
The power station will have a capacity of 230 MW, generated through combined cycle technology.
It is expected to be able to produce electricity, equal to 17.5% of the country’s existing energy capabilities.
The station’s managing company, “Power Energy Cyprus” says that its construction will lead to a reduction in electricity prices.
According to philenews, the station is licensed to produce electricity until 2039.
Power Energy Cyprus (PEC) with consideration to the increasing energy consumption demand and to the planned electricity market liberalization, has acquired all the nescessary permits and begun construction of a state-of-the-art Combined Cycle Power Plant in Mari Area. The Power Station is anticipated to be in full operation by March 2021 and is projected to be in line with the arrival of LNG on the island. It is an estimated investment of 200 million euros.
Mari Power plant will use the latest technology in power generation. It will be a gas fired combined cycle power plant but will also be operated with diesel if necessary. The new turbines will produce electricity with less fuel therefore less cost. Furthermore, natural gas will be the primary fuel for the power plant which is much cheaper than Diesel and Heavy Fuel Oil.
The 260 MW Power Station will contribute to the reduction of electricity cost for end-users and will serve the Group plan for becoming a leading Energy Supplier in the Island
Α multinational consortium of JV China Petroleum Pipeline Engineering Co Ltd, Aktor S.A. and Metron S.A., with Hudong-Zhonghua Shipbuilding Co. Ltd and Wilhelmsen Ship Management Limited ranked first in the evaluation for the construction of the infrastructure required for the introduction of natural gas in Cyprus, it was announced on Friday.
It followed a lengthy and complex tender process overseen by the state natural gas company, Defa, in cooperation with external industry experts.
The top ranked bidder had to satisfy a series of qualitative, quantitative and financial criteria, so as to be able to demonstrate an ability to perform at the high standards set by Defa regarding the development of the Cyprus natural gas market infrastructure.
“We are pleased to see the successful outcome of the process,” Defa chairman Symeon Kassianides said. “Here at Defa we believe that the future of the country is aligned with natural gas and we expect it to play a major role in the economic development of the country in years to come. The establishment of the natural gas market will boost the development of the whole energy and industry sectors of the Republic.”
The LNG Import terminal to be constructed includes a Floating Storage Regasification Unit (FSRU), a jetty for the mooring of the FSRU, jetty borne and onshore pipelines as well as additional facilities.
The LNG Import Project is co-financed by a grant from the EU Connecting Europe Facility (CEF) financing instrument.
Source: Cyprus Mail