Energy Minister Giorgos Papanastasiou assured the public that the Vassiliko liquefied natural gas (LNG) terminal will be completed despite the withdrawal of the Chinese consortium.
The Minister confirmed the termination of the contract by both the Chinese consortium and the Natural Gas Infrastructure Company (ETYFA).
However, he emphasised the government’s commitment to completing the project through alternative means, with a proposal to be submitted to the President of the Republic.
Papanastasiou underscored the strategic importance of the terminal for importing natural gas, which is expected to lower electricity generation costs and reduce energy prices in Cyprus.
ETYFA, now in possession of the construction site and unfinished assets, is expected to play a key role in the project’s completion. The Minister expressed confidence in upcoming developments regarding the floating unit, possibly as early as this week.
While acknowledging the termination of the contract, the Minister highlighted ongoing discussions with the Chinese consortium to find a mutually agreeable solution within the framework of the existing contractual clauses.
He expressed optimism about reaching a conclusion that will facilitate the completion of this critical project for the Republic of Cyprus.
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