Cyprus aims for gas generated electricity by late 2021

Cyprus is aiming to have infrastructure in place to generate electricity using natural gas by the end of 2021.

Natural Gas Public Company Chairman Symeon Kassianides said Tuesday that Cyprus' Electricity Authority and three other licensed companies would generate power using gas.

He says an infrastructure development contract could be signed with a consortium composed of two Chinese, two Greek and a Norwegian company in October when the tender process is completed.

Kassianides says the project's cost is around 300 million euros ($333.5 million), a third of which will be European Union funded. The Electricity Authority will contribute 40 million euros and the remainder will be raised through loans.

A separate gas supply tender is now underway, but gas found off Cyprus could be used in the future.

[AP]