Report: Russian Company Offers to Bailout Cyprus in Exchange for Gas Exploration Rights
3:05 PM, Mar 18, 2013 • By DANIEL HALPER
The Russian energy company Gazprom is offering to bailout Cyprus in exchange for gas exploration rights, according to media reports.
"Russian energy giant Gazprom has offered the Republic of Cyprus a plan in which the company will undertake the restructuring of the country’s banks in exchange for exploration rights for natural gas in Cyprus’ exclusive economic zone, local media reported," reports GreeceReporter.com.
"Gazprom is," the site notes, "the largest extractor of natural gas in the world and the largest Russian company."
Cyprus does not appear to be interested in the offer, however: