LNG terminal

‘, 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.

Trump’s new ‘deal’ could save Big Oil $110 billion in taxes

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Trump's new ‘deal’ could save Big Oil $110 billion in taxes

Donald Trump allegedly offered Big Oil executives 0 billion in tax breaks if they donated billion to his campaign. Congressional Democrats are investigating this potential quid pro quo deal. Joe Biden plans to eliminate these tax breaks for the oil and gas industry if elected. The fossil fuel industry is lobbying to maintain these tax breaks, which are set to expire next year. Some attendees at Trump’s fundraising dinner at Mar-a-Lago included executives of smaller oil companies focused on fracking and gas exporting. The event was also attended by individuals with controversial backgrounds in the oil and gas industry.

Cyprus LNG project faces stalemate as CPP hardens stance

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Cyprus LNG project faces stalemate as CPP hardens stance

China Petroleum Pipeline Engineering (CPP) is seeking a financial settlement and termination of its involvement in the Vasilikos LNG terminal project in Cyprus. CPP may link the settlement to the delivery of the Floating Storage and Regasification Unit (FSRU) vessel named “Prometheus.” There are concerns that CPP withholding the FSRU could undermine previous assurances about the vessel’s readiness and certification. Technical interventions and modifications estimated at €10-15 million are needed for the FSRU to operate in Vasilikos. CPP has also requested an additional €200 million in a separate London arbitration. The situation could potentially escalate into a “hostage situation” involving the FSRU if CPP demands more payment for its delivery.

CPP case: the Chinese ambassador has been summoned to the Presidential Palace on Monday

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CPP case: the Chinese ambassador has been summoned to the Presidential Palace on Monday

The Cyprus-China relations are being tested due to a dispute over a gas regasification terminal project in Vasilikos. The Chinese state-owned company CPP is reluctant to complete the project, demanding additional financial compensation of EUR 200 million. The Cypriot side argues that CPP’s objections to the contract terms are either in bad faith or due to financial inability. The collapse of cooperation with CPP would result in significant financial costs for Cyprus and delay the introduction of natural gas for cheaper electricity generation. The situation is further complicated by the fact that a floating gas regasification unit remains in Shanghai due to berthing modifications required by Lloyd’s Register. If the terminal project is frozen, Cyprus may face significant financial consequences, with responsibility shared between the Cypriot government and the Chinese state-owned company CPP.

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.

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.

Ministry and DEFA seek plan B for gas transportation

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Ministry and DEFA seek plan B for gas transportation

The Ministry of Energy and other governmental bodies are unable to determine the completion time of the Vasilikos LNG terminal and the start of using the new fuel for power generation. DEFA’s delayed procedures for selecting a contractor for the gas supply-transmission system plan have caused significant setbacks. The tender for this study has been challenged and is pending in the Administrative Court. As a result, the Ministry of Energy and DEFA are considering alternative options to expedite the construction of gas pipelines to power plants.

‘, Aim to conclude Vasiliko works by the end of 2024’

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‘, Aim to conclude Vasiliko works by the end of 2024’

Cyprus aims to conclude construction works for the LNG terminal in Vasiliko by the end of 2024 to reduce electricity generation costs.

Ambassador optimistic over LNG terminal

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Ambassador optimistic over LNG terminal

The liquefied natural gas (LNG) terminal in Cyprus is expected to be completed by the end of the year, as stated by China’s ambassador to Cyprus. The project, located at Vasiliko, had been delayed due to a dispute but has now resumed. The floating, storage, and regasification unit (FSRU) for the project is more than 99% complete and is in Shanghai, with delivery to Cyprus expected by April or May. The land-based infrastructure at Vasiliko is 50% complete. The completion of this project is anticipated to lower the cost of generating electricity in Cyprus and strengthen the relationship between Cyprus and China.