A Cyprus-based group strives to unlock the financial potential of stranded and underdeveloped Eastern Mediterranean energy resources.
Modus Operandi Capital Management, the majority investor in its portfolio company Cynergy East Med Ltd, has launched its market entry strategy to consolidate, develop and monetise the Eastern Mediterranean's energy reserves.
Established as the energy investment vehicle of the Cynergy Group, Cynergy East Med is set up to commit significant financial resources and expertise to develop regional projects. Cynergy's core effort will be to promote the full development and commercialisation of energy assets across the region.
“Significant gas finds across both Cyprus and Israel have yet to find long-term stable buyers (off-takers) of gas at viable prices. As a result, there has yet to be substantial development and commercialisation of such finds,” a Cynergy official told the Financial Mirror.
“Cynergy and its financers aim to bring a solution to the underdevelopment of the finds through securing contracts with off-takers and investing in and helping to bring online projects…we have the required expertise to expedite development of currently stranded gas finds in the region,” the official added.
Founded by Cypriot entrepreneur Mike Germanos, Modus Operandi Capital Management was established to commit significant financial resources of its investors and to contribute its expertise towards developing growth-oriented projects.
The initial focus is to promote the full development of energy and related strategic assets across the Eastern Mediterranean region.
Headquartered in Limassol, Modus contributes their experience and value add across financial investments and operations to the portfolio investments it engages with.
Modus is the majority shareholder in the Guernsey-based Cynergy Group alongside a consortium of diverse investors, including fund managers who invest on behalf of sovereign investment funds.
Cynergy Group is structured to bid for, finance, and develop key energy and other strategic assets in the East Med region.
Cynergy East Med was established to focus on an all-encompassing energy strategy for the development and commercialisation of Eastern Mediterranean oil and gas reservoirs.
With regional offices in Limassol, Cynergy said it has developed an “extensive operational and financial capacity to unlock the potential of the East Med to emerge as a significant energy hub at the crossroads of world trade flows”.
