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 provide pure gasoline to a electrical energy manufacturing plant that the corporate will construct close to Larnaca. If the undertaking shall be permitted by the Cypriot authorities, Cyprus will turn into 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 hundreds of 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 undertaking should attain at the least lots of of hundreds of thousands of {dollars} through the years.
The corporate’s announcement stated, “Energean has proposed to the governments of Cyprus and Israel to export pure gasoline from Israel to Cyprus through a brand new gasoline pipeline, a undertaking 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 Japanese Mediterranean. In accordance with the proposal, Energean shall be chargeable for the design, development, 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 instantly from the Karish platform to Cyprus, with out first passing by way of Israel.
Authorities monopoly
Since it is a large-scale infrastructure undertaking, the settlement requires the approval of the Cypriot authorities. In accordance with media reviews in Cyprus, the Cypriot Ministry of Power is inspecting the memorandum of understanding signed between Energean and Cyfield, and its official response shall be forthcoming. One of many fundamental 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 focused on importing it instantly.
Israel’s Minister of Power and Infrastructure Eli Cohen has already welcomed the proposal. He stated, “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 improve stability and prosperity in our area, and can deliver billions of shekels to the nation. I intend to proceed working to broaden export locations for Israeli gasoline.”
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Energean CEO Mathios Rigas added, “Selling the movement of pure gasoline to Cyprus is a major step for the advantage of the financial system and customers. Our proposal offers a sensible and efficient answer to scale back Cyprus’ power isolation, by way of direct entry to pure gasoline from a neighboring supply.”
Cyfield Group CEO George Chrysochos stated, “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 essential undertaking to fruition, topic to all obligatory approvals.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on November 2, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
