Natural gas will mostly be used for the production of electricity by Electricity Authority of Cyprus (EAC), which is trying to beat a 2022 deadline ban for the funding of new projects using fossil fuel set by the European Investment Bank (EIB).
Cyprus is seeking a funding of 150 million euros from EIB for the project.
Lakkotrypis told the EAC annual meeting that Natural Gas Infrastructure Company (Etyfa) is currently in consultation with the first successful bidder for the infrastructure, a consortium in which two Chinese companies participate.
The project, which involves the construction of a jetty and gas piping at the Vassilikos Bay on the southern Cyprus shores, is expected to be completed in 24 months at a cost of 500 million euros.
Lakkotrypis said that early next year a competition for the supply of natural gas will be announced either on a long term or a short term basis through an immediate delivery purchase on the basis of multiple agreements.