Insider Business Energy company confirms it has proposed installation of an FRSU in Cyprus

Energy company confirms it has proposed installation of an FRSU in Cyprus

Hoegh LNG has confirmed it has submitted a proposal for the installation of a Floating Storage Regasification Unit (FRSU) in Cyprus and has sent letters to top government officials outlining its benefits.

Cyprus Energy Regulatory Authority (CERA) President Andreas Poullikkas, who was invited by CNA to comment on the company`s application said that due to the fact that the procedure of reviewing the company`s application is ongoing to determine whether it is complete so that it can then begin evaluating its content, CERA cannot make any comment at this time.

“Regarding published articles, Hoegh LNG confirms that the company sent letters to the President of the Republic, the Minister of Energy, Commerce and Industry and the Minister of Finance, in which the advantages and benefits of its proposal for the installation of an FSRU in Cyprus, and more specifically at Vasilikos, are presented,” the company says in a press release.

It adds that the purpose of the letters was for the President and the two Ministers of the Republic of Cyprus to be informed about its proposal, “the application for licensing of which was officially submitted to Cyprus Energy Regulatory Authority (CERA), being the competent authority.”

With its proposal, it says it “offers Cyprus the installation, within the 1st Quarter 2021, of an FSRU at Vasiliko and a pipeline to transport the gas to the EAC’s power plant and potentially other users.”

“This solution can serve as interim, until the state-owned LNG infrastructure is in place at Vasiliko,” the press release reads.

The proposal it continues, “does not in any way interfere with the government`s plans, while the Cyprus Government will be able to save in excess of €100 million per year from 2021 onwards, by switching power generation to burning natural gas from heavy fuel oil currently, will achieve lower emissions from power generation, resulting in lower cost” adding that “the country’s economy will benefit significantly from lower electricity production cost.”

It is further clarified that the proposal “will require no state aid or investment and Hoegh LNG is open to working closely with DEFA, for delivering this important infrastructure project for Cyprus.”

(CNA)

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