Cyprus’s natural gas infrastructure companies DEFA and ETYFA have reportedly reached a binding agreement with Chinese state firm CPP and Cosco’s Shanghai shipyard for the delivery of the FSRU Prometheus, according to sources, though both Cypriot entities have declined to comment on the multi-day negotiations.
While financial details remain undisclosed, unofficial reports suggest that several tens of millions will be released to CPP from the €70 million in guarantees the Chinese company had deposited for the contract’s implementation.
The floating storage and regasification unit (FSRU) was recently inspected by private-sector technical experts sent to Shanghai on behalf of ETYFA. Their report was described as “very satisfactory”, with Energy Minister George Papanastasiou stating on Tuesday morning that the vessel is in excellent condition.
The ship is now seaworthy and has secured the necessary certifications as an LNG carrier, with departure for Cyprus expected soon.
However, additional modifications estimated at €10 million will be required for the Prometheus to function as an FSRU. These costs will be borne by ETYFA.
It remains unclear whether these improvement works will be carried out at Vasiliko, elsewhere in Cyprus, or at a shipyard in a neighbouring country.
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