consortium

CMC call for meeting on , ‘neutral territory’ in Vasiliko spat

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CMC call for meeting on , ‘neutral territory’ in Vasiliko spat

– Chinese-led construction firm CPP-Metron Consortium Ltd (CMC) called for a meeting with a “decision maker” appointed by the Cypriot government in a “neutral territory” such as Dubai.
– The situation at the under-construction liquefied natural gas (LNG) terminal at Vasiliko has reached a crisis point.
– CMC has offered a comprehensive solution to de-escalate the situation and save the project.
– Cypriot President Nikos Christodoulides is set to meet with Chinese ambassador Liu Yantao to discuss the impasse.
– Etyfa has persistently breached payment obligations under the contract for the Vasiliko LNG facility.
– CMC suspended work in January as an “absolute last resort” due to payment issues but lifted the suspension in March on assurances from Etyfa.
– Etyfa has made changes to the project and has refused to pay for them, including refusing to take delivery of the completed FSRU.

Sony shares leap 12 per cent on buyback and dividend plans, higher profit outlook

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Sony shares leap 12 per cent on buyback and dividend plans, higher profit outlook

Shares in Sony Group jumped 12 per cent after pledging to boost shareholder returns and forecasting higher annual profit with a boost from its image sensors business. Sony will spend up to 250 billion yen on a share buyback and gradually increase dividends with a target of a 40 per cent total payout ratio by the financial year ending March 2027. Sony will allocate 1.8 trillion yen over the next three years to growth investments and share repurchases. Sony also plans to conduct a five-for-one stock split to expand its investor base.

CMC hits back in escalating Vasiliko spat (Updated)

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CMC hits back in escalating Vasiliko spat (Updated)

Fact: The Chinese-led construction firm CPP-Metron Consortium Ltd (CMC) has accused Natural Gas Infrastructure Company (Etyfa) of persistently failing to make milestone payments for the under-construction liquefied natural gas (LNG) terminal at Vasiliko.

Christodoulides to meet Chinese ambassador over Vasiliko row

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Christodoulides to meet Chinese ambassador over Vasiliko row

President Nikos Christodoulides will meet with Chinese ambassador Liu Yantao on Monday to discuss the ongoing dispute between Chinese-led construction firm CMC and Etyfa over the LNG terminal at Vasiliko. The state will not be blackmailed and has a ‘plan B’ in place. The only topic of conversation with the Chinese ambassador will be Vasiliko.

CPP admits inability to complete the terminal due to Cyprus’s demands

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CPP admits inability to complete the terminal due to Cyprus’s demands

CMC, a Chinese state-owned company, has accused ETYFA of making significant changes to their agreement to build the Vasilikos LNG pier project in Cyprus. The company claims that ETYFA demanded the construction of an LNG export facility instead of the originally agreed-upon LNG reception and regasification facility. This change has led to technical and cost issues, making the project unsustainable for CMC. Despite working hard to meet ETYFA’s new demands, CMC insists that they should be compensated for the extra labor and materials required.

Row over Vasiliko terminal deepens

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Row over Vasiliko terminal deepens

The consortium constructing the natural gas terminal at Vasiliko accused Etyfa of not taking delivery of the vessel “Prometheas” despite it being ready since mid-January 2024.

RIF launches , €400K initiative for Cyprus-Japan collaboration

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RIF launches , €400K initiative for Cyprus-Japan collaboration

The Research and Innovation Foundation (RIF) announced the launch of the “EIG CONCERT-Japan” initiative with a budget of €400,000. This program aims to foster scientific collaboration between Japan and Cyprus in the thematic areas of digital transformation and robotics in sustainable agriculture. The maximum funding allocated per project for the Cyprus consortium is €100,000, and proposals can be submitted via the IRIS portal of the Foundation by July 29, 2024.

Shell Nigeria paid $1.09 billion tax, royalties to FG in 2023- Official

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Shell Nigeria paid $1.09 billion tax, royalties to FG in 2023- Official

Shell paid .09 billion in corporate taxes and royalties to the Federal Government in 2023, with SPDC contributing 2 million and SNEPCo remitting 9 million.

Cyprus wants better plan from Chevron for offshore gas field

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Cyprus wants better plan from Chevron for offshore gas field

Cyprus has given Chevron-led consortium six months to make improvements to their plans for extracting gas from an offshore field. The consortium, which includes partners from Israel and Shell, had submitted a new field development proposal that Cyprus believes needs enhancements. The Aphrodite field, discovered in 2011, holds an estimated 3.5 trillion cubic feet of gas. Chevron values its relationship with Cyprus and stakeholders and is committed to progressing the project.

Cyprus rejects Chevron proposal for Aphrodite gas field

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Cyprus rejects Chevron proposal for Aphrodite gas field

Cyprus has rejected the new proposal by consortium Chevron, NewMed Energy, and BG Cyprus (Shell) to develop the ‘Aphrodite’ natural gas field in block 12 of the exclusive economic zone (EEZ). The government deemed the proposal inadequate and requested the consortium to state its consent within six months on specific actions aiming to develop the gas field.