Based on conservative estimates, electricity generation cost savings will range between 15% to 25% from 2022-2025. Greek oil and gas producer Energean has made a pitch to sell its Israeli natural gas to Cyprus via pipeline at a "competitive price" while Nicosia is opting for LNG. It has offered to build a $350 mln pipeline to Cyprus — using its own money — to supply gas from its Karish North field to the island. Cyprus insists it does not need the pipeline as it is building a floating LNG import terminal. It is also set to award a long-term supply contract for LNG — in effect creating a single-supply market. Norway's Hoegh LNG has officially applied to Nicosia for a liquefied natural gas infrastructure ownership, operations, and development license in Cyprus. Hoegh LNG did offer Cyprus the stop-gap installation, within the first quarter of 2021, of an FSRU at Vasiliko and a pipeline to transport the gas to the EAC's power plant and potentially other users.