Chinese state-owned company

‘, Light on the horizon for Vasiliko’

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‘, Light on the horizon for Vasiliko’

Energy Minister George Papanastasiou stated that there is progress in the construction of the liquefied natural gas (LNG) terminal in Vasiliko, with consultations ongoing between Cyprus’ natural gas infrastructure company and the Chinese state-owned company CPP Metron. The terminal is crucial for importing LNG to reduce electricity costs in the Republic of Cyprus. President Nikos Christodoulides denied discussions of a “velvet divorce” with CPP over the terminal, emphasizing that efforts are continuing.

No , ‘velvet divorce’ over Vasiliko LNG terminal

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No , ‘velvet divorce’ over Vasiliko LNG terminal

There are ongoing efforts to find a solution for the Vasiliko liquefied natural gas (LNG) terminal project, with no discussions of a “velvet divorce” with Chinese state-owned company CPP.

Cypriot government and Chinese firm nearing settlement

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Cypriot government and Chinese firm nearing settlement

The Cypriot Government and Chinese state-owned company CPP are working towards a velvet divorce, focusing on resolving the remaining works for the terminal at Vasilikos. The Chinese side has made financial demands for the delivery of the Floating Storage and Regasification Unit (FSRU) to its owner, ETYFA, which could amount to tens of millions of euros in addition to the funds already spent. Intensive consultations are expected to find a compromise exclusively for the FSRU, with legal advisors seeking a settlement based on the arbitrator’s decision. Once a settlement is reached for the FSRU, an agreement for the dissolution of cooperation regarding projects in Vasilikos is expected. Financial differences will be resolved through arbitration, with ETYFA seeking another contractor to complete the jetty and other projects on land.