Fact: The Great Sea Interconnector project, a subsea electricity cable linking Cyprus to Greece, is estimated to save an average household consuming five megawatt-hours of electricity annually at least €400 a year.
President Nikos Christodoulides reiterated that the government’s sole goal is the liberation and reunification of Cyprus based on UN resolutions.
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.
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.
Cabinet has given the Insolvency Department the power to take on the duties of the asset management service in order to better handle money laundering cases.
The LNG import project at Vasilikos in Cyprus has faced recurring problems and delays. The project, which aims to switch power generation from oil to natural gas, could reduce electricity prices by one-third, resulting in annual cost savings close to €300-€400 million. The project has faced issues due to a badly conducted tender, unclear terms of reference, and a contractor with no experience in such projects. The current contractor, CPP, has claimed additional costs and the project is not progressing as expected. The government is considering various options to complete the project, including finding a way to move forward with the present contractor, seeking independent expert advice, and exploring alternative plans if necessary.
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.
Cyprus is considering potential nominees for the next European Commissioner, with current health chief Stella Kyriakides among the names circulating. President Nikos Christodoulides has not ruled out reappointing Kyriakides for another term. Other possible candidates mentioned include Haris Georgiades, Yiorgos Lakkotrypis, and Konstantinos Kombos. The Cypriot shipping lobby is pushing for the transport portfolio, but Cyprus may again get the health portfolio. The new Commission leadership will take over later this year after the European Parliament elections in May.
The Green Agenda Cyprus Summit highlighted the vision and actions necessary for the green transition of the Cypriot economy. Hellenic Bank is committed to achieving carbon neutrality by 2050 and has set clear goals and indicators to reduce its environmental footprint. The bank offers specialized green products to combat climate change and improve energy efficiency. Cyprus Agriculture Minister introduced a pilot program for green roofs, and the Energy Minister expressed caution regarding hydrogen usage. European Commissioner for Climate Action emphasized Cyprus’ potential in renewable energy and the importance of investments in sustainable transport. European Commissioner for Health and Food Safety highlighted the health impacts of the climate crisis, including heatwaves and air pollution.
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.