TRU President to seek investor interest in Cyprus in chemical industry operations

TRU President to seek investor interest in Cyprus in chemical industry operations

“Cyprus is a good location for medium scale gas-based chemical production like urea fertilizer,” says engineering consultants TRU Group Inc of USA & Canada.

According to a press release, Edward Anderson, TRU President, is visiting Cyprus to seek investor interest in building niche natural gas derived chemical or medium-scale energy-intensive industrial operations.

“The nature of the business we plan to establish will be firmed up over the next few months but could range from the formation of a chemical manufacturing company to only providing the engineering,” the press release noted.

It added that “our plan fits well with the developing situation on gas exploration around Cyprus as the proposed plants may be a better option than, and substitute for, uneconomic liquefaction or export pipeline for natural gas – especially if proven gas reserves are limited yet can be delivered to Cyprus industrial users at a highly competitive price (preferably around $4 per GJ or $150 per 1000 cubic meters of gas).”

According to the TRU Group Inc of USA and Canada, a 1.3 million tpy urea fertilizer plant would consume 0.8 billion cubic meters of natural gas per year compared to a minimum 5 billion for an economic LNG processing terminal.

In addition to industrial use of gas, more emphasis should be on utility infrastructure: At least 0.5 billion cubic meters of the gas supply to Cyprus could be used for power generation and natural gas fired cooling / heating of buildings could be widely applied, the press release notes adding that lower Cypriot energy costs would have positive impacts on development (including even tourism).

“Whether or not a LNG terminal materializes, the proper strategic focus should in any event be on maximizing domestic consumption of natural gas and making sure that it is available at low cost, for the full benefit of Cyprus,” Anderson said.

CNA/MK/ΜΜ/2015
ENDS, CYPRUS NEWS AGENCY