Landmark Deal

A memorandum of understanding was signed between Cyprus and USbasedNoble Energy International, Delek Drilling and Avner Oil Explorationto build an LNG facility at Vassiliko near Limassol.“The signing of the Memorandum between the Republic of Cyprus andthe three companies represents the next milestone on the road mapfor the exploitation of gas reserves in Cyprus’ Exclusive Economic Zone,” said Cyprus Energy and Commerce Minister George Lakkotrypis at theofficial ceremony in Nicosia.He said the LNG plant constitutes “the fundamental and necessary infrastructurethat will allow the export of Cypriot natural gas to Europeanand global markets”.The MoU defines the framework of negotiations between Cyprus andthe three firms, with an anticipated cut-off date for a deal at the end of2013.