Cyprus, France's Total to cooperate on gas plant
NICOSIA, Cyprus (AP) - Cyprus and French energy company Total have agreed to cooperate on developing a planned natural gas processing facility in the bailed-out country.
In a statement Thursday, they say a facility that will liquefy gas for export to European and Asian markets will be their top priority as they try to turn a profit on any newfound offshore deposits.
Total is licensed to search for gas in two areas, or `blocks', off Cyprus' south coast.
Cyprus has already signed a similar deal with U.S. firm Noble Energy and Israel's Delek and Avner. The three companies are partners in a Cypriot gas field that's estimated to contain 3.6-6 trillion cubic feet of gas.
Cyprus has also licensed Italy's ENI and South Korea's Kogas to search for offshore gas.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)