Energean signs MoU to export Israeli gas to Cyprus

Core Points - Energean plc has signed a memorandum of understanding with Cyfield to supply natural gas to a new electricity production plant in Cyprus, potentially making Cyprus the third country to import natural gas from Israel after Egypt and Jordan [1][4] - The project involves the construction of a new underwater pipeline connecting the Karish platform to Cyprus, with an estimated cost in the hundreds of millions of dollars [2][3] - The proposal aims to enhance regional cooperation in the energy sector and develop a competitive gas market in the Eastern Mediterranean [3] Company and Industry Summary - Energean will be responsible for the design, construction, and operation of the new underwater gas pipeline, which will connect directly from the Karish platform to Cyprus without passing through Israel [3] - The Cypriot government must approve the project, and the Ministry of Energy is currently reviewing the memorandum of understanding, particularly concerning the state gas monopoly DEFA [4] - Israeli Minister of Energy Eli Cohen has expressed support for the proposal, highlighting its strategic importance for Israel and its potential to enhance regional stability and economic benefits [5] - Energean's CEO emphasized the project's significance in reducing Cyprus' energy isolation by providing direct access to natural gas [5] - Cyfield's CEO noted the collaboration's potential to transform Cyprus' energy landscape, pending necessary approvals [5]