MPs hear LNG grant could be lost
Cyprus risks losing part or all of an EU grant for the liquefied natural gas (LNG) terminal in Vasiliko due to not meeting certain requirements. The LNG terminal project is 80% complete, with the floating, storage, and regasification unit at 97% and the land-based infrastructures at 50%. Cyprus has received two extensions from the European Commission for the project, with the latest extension expiring at the end of 2024. To receive the remaining €28.9 million of the €101 million grant, Cyprus must have €253 million in recognized expenditures for the terminal by the end of 2023 and complete the project with the necessary certification by the end of 2024. Failure to meet these conditions could result in losing 20% of the remaining EU grant or more.