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Tuesday, May 5, 2009

Libya weighs developing offshore energy blocks near Cyprus

CAIRO Ñ Libya has been examining investing in energy exploration off the coast of Cyprus.   

Libyan National Oil Corp. chairman Shukri Ghanem said Tripoli was mulling participation in an offshore energy program around the Republic of Cyprus, Middle East Newsline reported. Ghanem also raised the prospect of Libya supplying Nicosia with natural gas. In 2007, Nicosia launched a tender to award licenses for 11 offshore blocks that covered 51,000 square kilometers.

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"We are very much interested in looking at different possibilities of investment," Ghanem said during a visit to Nicosia in late April. Officials said Libya has also expressed interest in financing an energy infrastructure project in Cyprus. They said the project called for the construction of crude oil terminals as well as a liquefied natural gas facility.



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