It is impossible for the Vassiliko LNG terminal to be completed by mid-2023 as pledged by the government and those contracted with the biggest ever energy project in Cyprus.
This is what Philenews reported on Thursday, adding that insiders said infrastructure – both on land and at sea – is basically “non-existent”.
A consortium led by China Petroleum Pipeline Company (CPP) has been contracted with the €290 million Vassiliko LNG terminal. The original timeframe was end 2022.
The LNG Terminal will include a floating storage and regasification unit (FSRU), a jetty for mooring the FSRU, a jetty-borne gas pipeline and related infrastructure.
The project has secured a €101-million grant from the EU under the Connecting Europe Facility (CEF) financial instrument.
The rest of the financing comes from the Cyprus Electricity Authority’s participation in the share capital of the Natural Gas Infrastructure Company (ETIFA) with €43 million.
Additional financing comes from the European Investment Bank and the European Bank for Reconstruction and Development, with €150 mln and €80 mln, respectively.
