Cyprus president: gas plant depends on new gas finds

NICOSIA, Cyprus (AP) - Cyprus' president says potential new gas finds off the east Mediterranean island's shores will determine whether the government will proceed with the "strategic goal" of building a land-based plant to process gas for export abroad.

Nicos Anastasiades told a news conference Monday results from an ongoing gas search, in combination with a third offshore oil and gas search licensing round, will decide whether the government will proceed with building the plant that would turn Cyprus into a regional energy hub.

A field off Cyprus' southern coast that's estimated to hold more than four trillion cubic feet of gas isn't enough to warrant the huge investment to build the plant.

But a massive discovery off neighboring Egypt has fueled hopes that more gas could be found in Cypriot waters.