News for today's 2018

CHINA ENTERS THE EASTERN MEDITERRANEAN "ENERGY ARENA"

<br /><div class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">CHINA, RUSSIA, USA, TURKEY, ISRAEL, GREECE AND THE UK, ALL IN FOR CYPRUS’S NATURAL RESOURCE BONANZA  </span></span></div><div class="MsoNormal" style="line-height: normal; text-align: justify;"><br /></div><div class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">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.</span></span></div><div class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">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.</span></span></div><div class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">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.</span></span></div><div class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">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.</span></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">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.</span></span></div>

CHINA ENTERS THE EASTERN MEDITERRANEAN "ENERGY ARENA"

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CHINA ENTERS THE EASTERN MEDITERRANEAN "ENERGY ARENA"

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