Cyprus’ energy prospects discussed at Oil and Gas Summit

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Charles Ellinas, Chairman of the Cyprus National Hydrocarbons Company (KRETYK) and Solon Kasinis Vice President of KRETYK said on Thursday that Cyprus will become an energy hub, capable of covering a large part of the EU energy needs, with prospects of exporting gas to Asia.

Speaking during the “2nd Annual Cypriot-Greek Oil & Gas 2013 Summit” organized in the southern coastal town of Limassol, Ellinas said that a liquefied natural gas terminal in Vassilikos area will be ready to deliver natural gas to the Cypriot market in 2018, whereas by the end of 2019 Cyprus will be in a position to export liquefied natural gas.

Ellinas also noted that in 2025 Cyprus will be able to produce 25 million tones of natural gas per year and cover 50% of the EU’s additional energy needs, therefore becoming an important player in the international energy market.

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