Energean signs MoU to export Israeli gas to Cyprus

Greek power exploration and manufacturing firm Energean plc (LSE: ENOG; TASE: ENOG), which operates Israel’s offshore Karish, Tanin and Katlan gasoline fields, has signed a memorandum of understanding (MoU) with Cypriot firm Cyfield, to produce pure gasoline to a electrical energy manufacturing plant that the corporate will construct close to Larnaca. If the challenge might be accepted by the Cypriot authorities, Cyprus will grow to be the third nation to import pure gasoline from Israel after Egypt and Jordan.

Energean will finance and construct a brand new underwater pipeline that may join the Karish platform to Cyprus, at a value of lots of of thousands and thousands of {dollars}. At this stage, the corporate declines to specify the portions and scale, however it’s clear that to justify the funding, the anticipated from the challenge should attain not less than lots of of thousands and thousands of {dollars} through the years.

The corporate’s announcement mentioned, “Energean has proposed to the governments of Cyprus and Israel to export pure gasoline from Israel to Cyprus by way of a brand new gasoline pipeline, a challenge with many advantages for each markets, which can promote regional cooperation within the power sector and contribute to the event of a aggressive and interconnected gasoline market within the Jap Mediterranean. In keeping with the proposal, Energean might be answerable for the design, building, and operation of a brand new underwater gasoline pipeline owned by the corporate, which can join the Karish platform, working in Israel’s financial waters, on to Cyprus.” The pipeline will join straight from the Karish platform to Cyprus, with out first passing by Israel.

Authorities monopoly

Since it is a large-scale infrastructure challenge, the settlement requires the approval of the Cypriot authorities. In keeping with media stories in Cyprus, the Cypriot Ministry of Vitality is analyzing the memorandum of understanding signed between Energean and Cyfield, and its official response might be forthcoming. One of many foremost points being examined is the standing of the state gasoline monopoly DEFA, which holds unique rights to import gasoline into the nation, whereas Cypriot power firm Cyfield is fascinated with importing it straight.

Israel’s Minister of Vitality and Infrastructure Eli Cohen has already welcomed the proposal. He mentioned, “Israeli gasoline is an incredible strategic asset for the State of Israel. Promoting gasoline to Cyprus will strengthen Israel’s political place within the area usually and vis-à-vis European nations, will assist enhance stability and prosperity in our area, and can deliver billions of shekels to the nation. I intend to proceed working to increase export locations for Israeli gasoline.”

Energean CEO Mathios Rigas added, “Selling the movement of pure gasoline to Cyprus is a big step for the advantage of the economic system and shoppers. Our proposal supplies a sensible and efficient resolution to cut back Cyprus’ power isolation, by direct entry to pure gasoline from a neighboring supply.”

Cyfield Group CEO George Chrysochos mentioned, “The collaboration with Energean has the potential to vary the way forward for Cyprus’ power. We sit up for working carefully with the Cypriot and Israeli authorities to deliver this vital challenge to fruition, topic to all obligatory approvals.”

Printed by Globes, Israel enterprise information – en.globes.co.il – on November 2, 2025.

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