Energean indicators MoU to export Israeli gasoline to Cyprus

Greek vitality exploration and manufacturing firm Energean plc (LSE: ENOG; TASE: ENOG), which operates Israel’s offshore Karish, Tanin and Katlan gasoline fields, has signed a memorandum of understanding (MoU) with Cypriot firm Cyfield, to provide pure gasoline to a electrical energy manufacturing plant that the corporate will construct close to Larnaca. If the challenge will likely be accredited by the Cypriot authorities, Cyprus will turn out to be the third nation to import pure gasoline 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 price 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 challenge should attain not less than a whole lot of hundreds of thousands of {dollars} over time.

The corporate’s announcement mentioned, “Energean has proposed to the governments of Cyprus and Israel to export pure gasoline from Israel to Cyprus by way of a brand new gasoline pipeline, a challenge with many advantages for each markets, which is able to promote regional cooperation within the vitality sector and contribute to the event of a aggressive and interconnected gasoline market within the Japanese Mediterranean. In response to the proposal, Energean will likely be accountable for the design, building, and operation of a brand new underwater gasoline pipeline owned by the corporate, which is able to join the Karish platform, working in Israel’s financial waters, on to Cyprus.” The pipeline will join immediately from the Karish platform to Cyprus, with out first passing by way of Israel.

Authorities monopoly

Since this can be a large-scale infrastructure challenge, the settlement requires the approval of the Cypriot authorities. In response to media experiences in Cyprus, the Cypriot Ministry of Power is inspecting the memorandum of understanding signed between Energean and Cyfield, and its official response will likely be forthcoming. One of many important points being examined is the standing of the state gasoline monopoly DEFA, which holds unique rights to import gasoline into the nation, whereas Cypriot vitality firm Cyfield is serious about importing it immediately.

Israel’s Minister of Power and Infrastructure Eli Cohen has already welcomed the proposal. He mentioned, “Israeli gasoline is an amazing strategic asset for the State of Israel. Promoting gasoline 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 deliver billions of shekels to the nation. I intend to proceed working to develop export locations for Israeli gasoline.”

Energean CEO Mathios Rigas added, “Selling the move of pure gasoline to Cyprus is a major step for the advantage of the financial system and customers. Our proposal offers a sensible and efficient resolution to scale back Cyprus’ vitality isolation, by way of direct entry to pure gasoline from a neighboring supply.”

Cyfield Group CEO George Chrysochos mentioned, “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 deliver this essential challenge 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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