Greek vitality exploration and manufacturing firm Energean plc (LSE: ENOG; TASE: ENOG), which operates Israel’s offshore Karish, Tanin and Katlan fuel fields, has signed a memorandum of understanding (MoU) with Cypriot firm Cyfield, to produce pure fuel to a electrical energy manufacturing plant that the corporate will construct close to Larnaca. If the venture shall be accredited by the Cypriot authorities, Cyprus will turn out to be the third nation to import pure fuel from Israel after Egypt and Jordan.
Energean will finance and construct a brand new underwater pipeline that may join the Karish platform to Cyprus, at a value of a whole lot of hundreds of thousands of {dollars}. At this stage, the corporate declines to specify the portions and scale, however it’s clear that to justify the funding, the anticipated from the venture should attain not less than a whole lot of hundreds of thousands of {dollars} through the years.
The corporate’s announcement stated, “Energean has proposed to the governments of Cyprus and Israel to export pure fuel from Israel to Cyprus by way of a brand new fuel pipeline, a venture with many advantages for each markets, which can promote regional cooperation within the vitality sector and contribute to the event of a aggressive and interconnected fuel market within the Jap Mediterranean. In response to the proposal, Energean shall be liable for the design, building, and operation of a brand new underwater fuel pipeline owned by the corporate, which can join the Karish platform, working in Israel’s financial waters, on to Cyprus.” The pipeline will join straight from the Karish platform to Cyprus, with out first passing via Israel.
Authorities monopoly
Since this can be a large-scale infrastructure venture, the settlement requires the approval of the Cypriot authorities. In response to media studies in Cyprus, the Cypriot Ministry of Vitality is analyzing the memorandum of understanding signed between Energean and Cyfield, and its official response shall be forthcoming. One of many major points being examined is the standing of the state fuel monopoly DEFA, which holds unique rights to import fuel into the nation, whereas Cypriot vitality firm Cyfield is inquisitive about importing it straight.
Israel’s Minister of Vitality and Infrastructure Eli Cohen has already welcomed the proposal. He stated, “Israeli fuel is an amazing strategic asset for the State of Israel. Promoting fuel to Cyprus will strengthen Israel’s political place within the area typically and vis-à-vis European nations, will assist improve stability and prosperity in our area, and can convey billions of shekels to the nation. I intend to proceed working to broaden export locations for Israeli fuel.”
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Energean CEO Mathios Rigas added, “Selling the stream of pure fuel to Cyprus is a big step for the good thing about the financial system and customers. Our proposal offers a sensible and efficient resolution to cut back Cyprus’ vitality isolation, via direct entry to pure fuel from a neighboring supply.”
Cyfield Group CEO George Chrysochos stated, “The collaboration with Energean has the potential to alter the way forward for Cyprus’ vitality. We sit up for working carefully with the Cypriot and Israeli authorities to convey this essential venture to fruition, topic to all essential approvals.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on November 2, 2025.
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