Minister of Energy, Trade and Industry, Natasa Pilides, visited on Friday the site where the liquefied natural gas terminal will be built in Vasiliko, Cyprus, in order to supervise the ongoing geophysical study in the offshore part of the project. The Minister was welcomed by the President and the Board of Directors of the Natural Gas Infrastructure Company (ETYFA).
According to an ETYFA press release, during her visit, Pilides had the opportunity to be briefed, both by the project team and by the supervising engineers, of all the work carried out in the area to verify the geological characteristics of the underground structures, for the purpose of accurate project design.
As the President of ETYFA Symeon Kassianidis told the Minister, the construction works of the terminal are in the initial stage, focusing on the final design and the studies required for the licensing.
The aim of the project, which is the gateway for natural gas in the Republic of Cyprus, is the supply of natural gas to the power stations, by around the end of 2022. Until then, the new, liberalized, competitive electricity market will be operational.
In her statements, Pilides said that the arrival of natural gas, as a transitional fuel in the Cypriot market, is crucial for society and the economy, as it’s expected to push down the cost of electricity.
At the same time, she noted, it marks the transition to a less polluting fuel than petroleum, which will strengthen Cyprus` efforts to achieve the binding objectives of the National Energy and Climate Plan.
On his part, Kassianidis expressed his satisfaction for the fact that the work is being implemented smoothly and within projected timeframes.
“Cyprus will acquire a project of national importance in less than 24 months, which will change the country`s energy landscape,” he said.
The construction of the infrastructure has been undertaken by the international consortium China Petroleum Pipeline Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen Ship Management.
The cost of construction of the terminal will amount to €289 million. This is the largest energy investment in Cyprus in recent years.