Cyprus Mail
Business

Gas bids pass muster

By Staff Reporter

THE NATURAL Gas Public Company (DEFA) said yesterday that all four bids for the supply of natural gas have passed muster so far and will continue to be evaluated.

The first assessment stage, which has been completed, related to pass/fail criteria covering the bidders’ financial standing, creditworthiness, experience and technical capability, and the technical suitability of the proposals.

DEFA is evaluating the bids with support from advisors.

“DEFA is pleased to announce that [each of the four] bids received are considered to be Qualifying Proposals and will proceed to the next stage of the evaluation,” it said in a statement.

During the next stage of evaluation, DEFA said, it “will examine the likelihood of a reduction in overall generation costs on the basis of these Qualifying Proposals amongst other key elements of the commercial part of these Proposals.

“The evaluation will be carried out with support from DEFA’s advisors and it is envisaged to take few a weeks to be concluded,” it added.

DEFA said also that the bidders’ financial proposals have not been opened yet and remain sealed in dossiers.

Given it is bound by confidentiality agreements, DEFA said it would release no further information.

Based on its initial invitation for proposals, DEFA is seeking a supply line for seven to ten years, commencing in January 2016 and no later than June 2017. If an agreement is reached, the gas would then be sold to the electricity utility.

DEFA is looking for a comprehensive solution involving all commercial and infrastructure requirements including sourcing, transportation and processing. Under the terms of the tender, DEFA is not obliged to accept any of the bids.

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