A ceremony for the signing of the contract for the construction and installation of infrastructure for the development of Cyprus’ Cronos gas field will take place at the Presidential Palace today, Monday, 26 October.
Earlier, President Nikos Christodoulides will receive ENI’s delegation headed by the company’s Chief Operating Officer, Guido Brusco.
According to the President’s schedule, he will receive Brusco and the ENI delegation at noon, followed by the signing ceremony for the Engineering, Procurement, Construction and Installation (EPCI) contract for the development of the Cronos gas field.
Those attending will also include Energy Minister, Michalis Damianou, the ENI delegation and the contractors who will sign contracts for construction works related to the Cronos field, for the transfer of natural gas to Egypt. Representatives of Total, as well as the Ambassadors of Egypt and Italy, will also be present, CNA has learnt.
According to a recent report by the Wall Street Journal, which Reuters is citing, ENI is expected to sign contracts worth up to $1.8 billion on Monday for the construction of drilling infrastructure and pipelines as part of its offshore natural gas project in Cyprus.
Reuters reports that the contracts, with a total value estimated at between $1.3 billion and $1.8 billion, involve building subsea infrastructure that will help extract, treat and send gas to Egypt via underwater pipelines.
Nicosia has confirmed the report, with competent sources telling CNA that this is the estimated cost of the project.
(Source: CNA)
