Cyprus ends tender for medium-term gas supply

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Cyprus' Natural Gas Co. says it has ended a two-year bid to find suppliers of natural gas to fire up the east Mediterranean island's main power plant.

The company, or DEFA, said in brief statement Monday that it was "unable to agree terms" for the supply of gas with any bidder. It said bidders have been notified that the tender is concluded, offering no other details.

The agreement would have provided for the supply of gas over seven years with the possibility of extending that to 10 years.

U.S. company Noble Energy recently discovered a field off Cyprus estimated to hold more than 4 trillion cubic feet of gas. France's Total and Italy's Eni in partnership with Korea's KOGAS are also licensed to search for oil and gas off Cyprus.