The Cabinet has agreed to turn an agreement to develop a power plant in Deir Ammar into a 'long-term Power Purchase Agreement' with Greek Cypriot firm JP Avax, which won the tender more than four years ago. The new deal is tantamount to a 'Build Operate Transfer' (BOT) agreement.
Under the terms of the BOT agreement, which expires in 20 years, the government will purchase electricity at 2.95 cents per Kilowatthour (Kwh). Cesar Abi Khalil, Minister of Energy and Water, said: "We lowered th...
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