Cyprus signs $9bn contract with Israel to extract gas | WHAT REALLY HAPPENED


Cyprus signs $9bn contract with Israel to extract gas

Cyprus will earn $ 9.3 billion over 18 years thanks to the exploitation of the Aphrodite gas field under a renegotiated contract with Dutch-British Shell, US-based Noble, and Israeli company Delek, the Energy Minister for Cyprus, announced.

George Lakkotrypis told reporters that the reworking of the production contract guaranteed Cyprus an average annual income of $ 520 million over the life of the gas field.

“We believe it is a good contract under the current circumstances as it will allow the Republic of Cyprus to earn significant commercial revenues estimated at more than $ 9 billion throughout 18 years of the well’s production.”

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