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22 May, 2024
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Cyprus and Norway prepare to sign energy MoU

Oslo reportedly turned down an invitation for cooperation with the Turkish Petroleum Corporation

Newsroom / CNA

Cyprus and Norway began preparations on Friday to sign a Memorandum of Understanding (MoU) on energy issues, that will contain provisions for the exchange of expertise in relation to the national hydrocarbon fund (sovereign fund), among other things.
According to the Cyprus News Agency, the MoU under discussion contains five components, concerning LNG bunkering, LNG legislation, and cross border interconnection for natural gas and electricity. Other provisions include Renewable Energy Sources and sovereign fund management.
The MoU will be signed at Ministerial level once the relevant preparation work is completed.
Diplomatic sources said Oslo recently discouraged a Norwegian energy company form entering into cooperation with TPAO, the Turkish Petroleum Corporation.
After it was approached by TPAO to cooperate over drilling issues, the company contacted Norway’s Foreign Ministry, which in turn appeared negative to the prospect of the two companies cooperating.

Cyprus  |  Norway  |  MoU  |  energy  |  drilling

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