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CHINA EYES CYPRUS LNG PLANT

Commerce Minister Praxoulla Antoniadou announced that a senior delegation from CNOOC met on the 02.03.12 with the ad hoc ministerial committee handling energy issues to present their views on how to proceed with an LNG terminal in Cyprus.

Though not going into detail, the minister said that the government made it clear to the Chinese that the Cypriot state should have control over a possible national oil company. 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 recent 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.

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