Cyprus public gas company terminates negotiations with Russian Itera

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Cyprus Public Gas Company (DEFA) announced Thursday it terminates negotiations with Russian Itera with regard to a potential natural gas supply to produce electricity, the so-called "intermediate solution".

DEFA and Itera held negotiations which led to a proposal that has been described as "not profitable." DEFA was to meet today with representatives of Itera who were requested to submit an improved offer.

A press release issued by DEFA says that Itera had notified the Company it considers its proposal as profitable and that it would not submit an improved proposal.

"Given these developments, the DEFA Board of Directors notified Itera that the negotiations are terminated," the release reads.

The DEFA board will convene next week to consider the next steps and the issues arising from the termination of the negotiations.

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