EAC wants to join gas monopoly

The Electricity Authority of Cyprus has agreed to take the 39 percent stake offered by the government in a proposed Natural Gas Public Corporation (NGPC), which is to be majority-owned by the state after it received assurances that the EU has agreed to a request by the government to declare Cyprus an emerging market with respect to energy and as a result, allow the island to maintain a monopoly.
The NGPC would be the sole importer and provider of natural gas on the island, selling the fuel to customers, primarily the EAC. At the same time, the EAC wants a sizeable share in a land-based plant which would process the fuel and distribute it to consumers.

The European Commission is said to have given Cyprus the status of an emerging market concerning LNG, which automatically means that the NGPC will be in charge of closing deals with foreign countries for the supply of LNG, although as a major partner the EAC will also have a say in decision-making.