{"id":3911,"date":"2024-03-12T20:00:54","date_gmt":"2024-03-12T18:00:54","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=3911"},"modified":"2024-03-12T20:00:54","modified_gmt":"2024-03-12T18:00:54","slug":"government-gas-body-mismanaged","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=3911","title":{"rendered":"Government gas body , \u2018mismanaged\u2019"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/government-gas-body-mismanaged.jpg\" class=\"ff-og-image-inserted\">Lawmakers on Tuesday complained that the Natural Gas Public Company (Defa) is being mismanaged and operates with subpar transparency, as the organisation sought parliament\u2019s nod for its 2024 budget.The 2024 budget is the first since Defa changed its legal status from an entity governed by private law to one governed by public law. <strong>The organisation\u2019s projected capital and operating expenditures for this year come to \u20ac38 million<\/strong>.By law, Defa is the only entity allowed to import and distribute natural gas in the Republic of Cyprus.The organisation is asking for 36 new jobs to be opened this year. State funding for 2024 will amount to \u20ac12 million \u2013 down from \u20ac18 million last year.The budget for 2024 includes a \u20ac20.5 million item for \u2018investments in subsidiaries\u2019 \u2013 the transfer of that amount to the equity of the Natural Gas Infrastructure Company, or Etyfa. The latter is a special-purpose vehicle created to implement the liquefied natural gas terminal in Vasiliko \u2013 a project plagued by delays and bickering with the contractor.According to budget documents shown to MPs, the infrastructures related to the LNG terminal are expected to be completed within 2024.Once Defa begins importing natural gas, its budget is anticipated to change dramatically. MPs heard that revenues from the future LNG sales are projected at \u20ac500 million a year.The LNG import project has been beset by disputes between the government and the Chinese-led consortium, while construction at the site in Vasiliko has ceased for over a month now.The contract was signed in December 2019. The contractor had promised to deliver the project by September 2022, then July 2023, then October 2023, and now July 2024.Parliamentarians were also unhappy with the way Defa runs its affairs. Kyriacos Hadjiyiannis, chair of the House energy committee, said Defa is asking for \u20ac38 million but to this day it lacks a job description and an organisational chart \u2013 even though this had been promised since the establishment of the organisation.Hadjiyiannis said Defa officials have been summoned to parliament next week to answer questions relating to funding from the EU plus other issues concerning personnel.\u201c<strong>They [Defa] demand that we fund a problematic organisation<\/strong>,\u201d the MP later told media.In other business on the day, the parliamentary committee began scrutinising the 2024 budget of the RES &amp; Energy Conservation Fund. The balance sheet provides revenues of \u20ac19.4 million from the fixed consumption fee.Follow the<br \/>\nCyprus Mail  on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lawmakers criticized the Natural Gas Public Company (Defa) for mismanagement and lack of transparency as it presented its 2024 budget to parliament. This budget, amounting to \u20ac38 million in projected capital and operating expenditures, is the first since Defa transitioned from a private to a public law entity. Defa, the sole entity authorized to import and distribute natural gas in Cyprus, is seeking to create 36 new jobs this year. The 2024 state funding for Defa will be \u20ac12 million, a decrease from \u20ac18 million the previous year. The budget includes a \u20ac20.5 million allocation for investments in subsidiaries, specifically for the equity of the Natural Gas Infrastructure Company (Etyfa), which is tasked with developing the liquefied natural gas (LNG) terminal in Vasiliko. This project has experienced delays and disagreements with the contractor. Infrastructure related to the LNG terminal is expected to be completed within 2024. Once operational, Defa&#8217;s budget is expected to significantly increase, with projected annual revenues from LNG sales at \u20ac500 million. However, the LNG import project has faced challenges, including a halt in construction and disputes with the Chinese-led consortium responsible for the project. The completion date for the project has been postponed multiple times, with the current expectation set for July 2024. Concerns were also raised about Defa&#8217;s internal organization, including the absence of a job description and organizational chart. Defa officials have been summoned to parliament to address these issues, among others.<\/p>\n","protected":false},"author":3,"featured_media":3912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[186,3,358,379,304,250,415,28,1428,870,1570,758,1569,811,1571],"class_list":["post-3911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-business","tag-cyprus","tag-energy","tag-eu","tag-funding","tag-google","tag-government","tag-jobs","tag-liquefied-natural-gas-terminal","tag-lng-terminal","tag-mismanagement","tag-natural-gas","tag-natural-gas-public-company","tag-res","tag-transparency"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government gas body , \u2018mismanaged\u2019<\/title>\n<meta name=\"description\" content=\"Natural Gas Public Company (Defa). 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