Cyprus electricity corp seeks LNG partners

Cyprus's electricity authority has invited companies to prequalify as potential partners in an LNG venture. The process would be open to firms and voluntarily formed consortia interested in participating in the LNG terminal company responsible for the development, financing, operation and management of the regasification terminal, the electricity authority, EAC, said in a statement.
The prequalification process ends on May 29. Those companies which prequalified would be invited to submit a formal proposal at a later stage, the EAC said.
Cyprus now uses heavy fuel oil at its power stations and wants to switch to the cheaper option of LNG, introducing it to the market by 2014.
Official estimates put Cyprus's LNG requirements at 1 bcm per year.
The island is holding exploratory consultations with Egypt and Algeria for supplies.
The EAC is a semi-government corporation which will be responsible for the LNG regasification unit.
A separate entity, known as Defa, will be responsible for LNG import and distribution. Defa is jointly owned by the EAC and the Cypriot government.