CHINA,
RUSSIA, USA, TURKEY, ISRAEL, GREECE AND THE UK, ALL IN FOR CYPRUS’S NATURAL
RESOURCE BONANZA
CHINA’S
third largest national oil company, CNOOC (China National Offshore Oil Corporation)
has presented to Cyprus its plans for the construction of an LNG plant to
process and export the now confirmed offshore hydrocarbon reserves.
A
senior delegation from CNOOC presented their views on how to proceed with an
LNG terminal here. According to known sources, CNOOC proposed to have an LNG
plant up and running within just 48 months from the start of construction and
that the Chinese giants were considering an outright buyout of Noble and Delek,
partners in the Israeli gas prospects.
The
CNOOC Group is a state-owned oil company, fully owned by the government of the
People’s Republic of China. It has become China’s dominant producer of
liquefied natural gas in the past few years, and is the first company to bring
LNG to China, with the completion of its Dapeng LNG Terminal in Guangdong.
In
June 2005, CNOOC made an all-cash $18.5 billion offer to buy American oil
company Unocal Corporation, topping an earlier bid by ChevronTexaco. It
subsequently withdrew its bid, citing political tension inside the United
States.
Based on recent developments the
establishment of a Cyprus national oil company is top priority and set up a
corporation which will be the strategic partner of all the companies and will
be involved in matters of local infrastructure as well as the distribution of
natural gas to the world market.
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