Paschalides informs Cyprus President on natural gas supplier

Cyprus Minister of Commerce, Industry and Tourism Antonis Paschalides said on Monday that he has informed the President of the Republic Demetris Christofias concerning the Natural Gas Public Company's (DEFA) unanimous decision for the preferred supplier of natural gas.

In statements on Monday, Paschalides said he will hold meetings with the political parties to brief them on the course of the negotiations concerning the natural gas supply.

The project is very important for the development of Cyprus and any delays or postponements will not be to the benefit of the island, Paschalides said.

DEFA, in charge of importing and distributing natural gas, is majority-owned by the government, while the Electricity Authority of Cyprus (EAC) holds a 44 per cent stake in it.

The body has just completed the last round of discussions with three short-listed suppliers of natural gas.

The terms of the negotiations provide for a 20-year contract for the supply of Liquefied Natural Gas (LNG).