Cyprus Mail: Reports Say Vitol Likely Winner of Gas Bid

The Natural Gas Public Company (DEFA) has until the end of the month to conclude a deal for the purchase of natural gas to be used for generating electricity.

The validity of the tender expires on July 31, although DEFA could extend it further. Three extensions have been granted since the tender was issued.

Local reports said DEFA has officially informed Dutch energy firm Vitol that it is the first-ranked bidder, for a contract believed to be worth upwards of €3bn.

Vitol is said to have narrowly edged out rival bidders M&M, a Greek conglomerate comprising the Mytilineos and Vardinoyiannis (Motor Oil) groups in cooperation with Dutch giant Trafigura.

Read the full article HERE.