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Report: Cynergy to spend $5B to $10B buying gas assets in Eastern Mediterranean

Cyprus-based investment firm Cynergy Group plans to spend between $5 billion and $10 billion in the next few years buying under-utilized natural gas assets in the Eastern Mediterranean region, Bloomberg reported, citing comments made by the company's CEO Mike Germanos.

Germanos told Bloomberg that the company is in talks with "some of the most respected global family offices, private equity firms and sovereign funds" about raising the cash.

Due to the sensitive nature of the period before Cynergy makes an offer, Germanos did not disclose the names of his associates or the assets being targeted. However, the CEO did note that the firm will reveal its bid by mid-June and is in the final stages of putting it together.

According to Germanos, Cynergy has approached and is approaching firms with big stakes in the region and is in discussions in order to retain one of the "active firms" to operate the assets.

Firms invested in the region should "at least treat it as an option," Germanos said.