Investment Immigration to Cyprus focuses on Cyprus Economic news: The Cyprus Electricity Authority will conclude its short-term natural gas supply plan at the end of the month, at which time the results of the temporary natural gas supplier bidding for the power plants will be revealed. The Electricity Authority stated that its greatest expectation and goal is to reduce electricity prices in Cyprus. In August of this year, four companies contacted the Cypriot side regarding the bidding, namely the Dutch energy company Vitol; the Greek joint venture M&M formed by Mytilineos & Vardinoyiannis in collaboration with the Dutch energy giant Trafigura; a joint venture under the Azerbaijani state liquefied natural gas company Socar; and the Israeli Delek Group. The Israeli Delek Group is the only company that publicly participated in the bidding, and it is understood that the company plans to supply gas through an underwater pipeline, while the proposals from the other companies are to supply gas in liquefied form. The bidding project requires the first gas supply to be completed between January 1, 2016, and June 30, 2017, supplying 700-950 million cubic meters of gas to the Cypriot market annually through two routes, with the first route starting gas supply in early 2016 and the second no later than the second half of 2017. The Cyprus National Natural Gas Company (DEFA) is the only natural gas importer and distributor as stipulated by Cypriot law. Once an agreement is finalized with the supplier, DEFA will resell the oil and gas to the Cyprus Electricity Authority. Any contract must achieve back-to-back agreements, meaning DEFA must synchronize agreements with both the supplier and the Electricity Authority.