News Local LNG infrastructure project a “historic landmark”, Cyprus President says

LNG infrastructure project a “historic landmark”, Cyprus President says

The infrastructure for the introduction of liquified natural gas for electricity generation places Cyprus on track for a new energy era, opening new strong prospects for the island’s economy, President of the Republic Nicos Anastasiades said on Thursday.

Anastasiades laid yesterday the foundation stone for the infrastructure in the Vasilikos LNG infrastructure project which features an LNG floating storage and regasification unit (FSRU), a jetty, mooring facilities, a pipeline on the jetty and other onshore and offshore related infrastructure. The construction works are expected to conclude in 2022, enabling the use of natural gas for electricity generation.

Addressing the ceremony, the President said that this day is “a real historic landmark that officially marks the implementation of a project of strategic and national importance.”

“A project which places Cyprus on track for a new energy era, opening strong prospects both for economic growth a well as the broader progress of the island and its citizens,” he added.

He also noted that the €289-million project was embraced by the European institutions as it was included in the EU projects of common interest list, attracting a grant of €101 million Connecting Europe Facility. The project will be funded by the European Investment Bank with a loan agreement amounting to €150 million as well as by the European Bank of Reconstruction and Development with a loan facility up to €80 million. Furthermore, the Natural Gas Infrastructure Company, a subsidiary of DEFA, the Cyprus Natural Gas Company, has obtained a €43 million in equity investment by the Electricity Authority of Cyprus.

In his address, Anastasiades said this project became attainable after two decades of efforts.

The project, Anastasiades added, promotes the strategic planning for securing energy supply, the diversification of Cyprus’ energy mix and promotes competition in the electricity market, attaining environmental targets and boosting the competitiveness of the economy.

“At the same time the aim for the upgrade of the energy mix and energy convergence with Europe while the citizens will be the ultimate beneficiaries,” he added.


Top Stories

Two students in hospital after hooded persons invade school

A group of ten people who were not students and who were wearing hoods covering their faces entered the A’ Technical School of Nicosia...

Cultural Heritage Technical Committee completes conservation works

The Technical Committee on Cultural Heritage (TCCH)  announced on Friday the completion of conservation works at several sites within the framework of the “Support...

Expert: Third wave if people relax

Maria Koliou, Assistant Professor of Pediatrics and Infectious Diseases at the University of Cyprus and President of the Special Committee of the Cyprus Medical...

3,570 doses of vaccines given to Turkish Cypriots

Leonidas Phylactou, Greek Cypriot co-head of the bicommunal technical committee on health said that this morning another 3,570 doses of Pfizer and AstraZeneca vaccines...

Women outnumbered at management level both in EU and in Cyprus

Women remain outnumbered at the management level in the EU in 2020, according to data released today by Eurostat, the statistical service of the...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...