Commodities
Cyprus Rejects Chevron’s Development Plan for Aphrodite Field
- Decision opens up 30-day discussion period for resolution
- Plan has called for undersea natural gas pipeline to Egypt
This article is for subscribers only.
Cyprus turned down a plan submitted by a Chevron Corp.-led consortium to develop the country’s Aphrodite gas field, Energy Minister Giorgos Papanastasiou said.
The involved parties can now “enter into discussions to reach an agreement within a period of 30 days,” Papanastasiou told Bloomberg News, without elaborating on why the plan was rejected. The period for a new round of negotiations started Friday.