The adoption of the Minister of Energy’s proposal for granting €101 million of EU funds to CyGas during Wednesday’s Council of Ministers is an important step forward in the swiftly-moving process towards the provision of liquefied natural gas for the production of electricity.
The sum of €101 million will guarantee a percentage of 70% participation on behalf of CyGas to the plan for the construction and management of all the port and land facilities required for the reception, storage, gasification and transportation of liquefied natural gas from the floating storage facility to the EAC reception point at the power plant.
€100 million are additionally required for the completion of design and construction of the required infrastructure. These funds can be readily provided by the European Investment Bank as publicly stated by the CyGas chairman.
