CMC

‘, 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.

Our View: Investigate costly project disputes inherited by government

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Our View: Investigate costly project disputes inherited by government

The government is currently dealing with disputes with big project contractors, including the potential termination of contracts for the Larnaca port/marina and Vassilikos gas terminal projects. These disputes have arisen due to major disagreements over costs, with some projects heading for costly legal battles. The government has also faced challenges with road construction projects, with disagreements over costs and delays. The government has inherited these issues from the previous administration and may be facing significant financial consequences as a result.

Our View: President acting as deus ex machina needs to end

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Our View: President acting as deus ex machina needs to end

Presidents of the Republic have historically acted as mediators in disputes, trying to find compromises and solutions. However, recent instances where the president intervened in disputes involving big companies from abroad, such as Kition Ocean Holdings and Chevron, did not yield positive results. This has raised questions about the president’s role in such matters and whether ministers should be left to handle them instead.

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.

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.