![](\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/chinese-led-group-to-visit-vasiliko-over-stalled-lng-plant.jpg\")
High-level officials from the Chinese-led consortium responsible for constructing the liquefied natural gas (LNG) terminal at Vasiliko are expected to visit within the week, according to Energy Minister George Papanastasiou.<\/p>\nHigh-level officials from the Chinese-led consortium responsible for constructing the liquefied natural gas (LNG) terminal at Vasiliko are expected to visit within the week, according to Energy Minister George Papanastasiou.<\/p>\n
Speaking to the media on Wednesday, he further added that the government will request a timetable for consultations between the parties.\u201cIf a positive outcome is not reached, a joint decision to suspend cooperation will be made,\u201d he said after the cabinet meeting.Papanastasiou noted that the ministry is engaging in efforts through the Chinese embassy to Cyprus, explaining that \u201cproductive dialogue is currently ongoing\u201d.\u201cWork on the terminal has stopped, as we want to know the company\u2019s plans, its requirements,\u201d he said, adding that it was urgent that the company return to work on the construction of the terminal at Vasiliko.\u201cWe also want to know when the floating unit will be certified, so that it can be accepted by the Natural Gas Infrastructure Company (Etyfa) and, by extension, by the Republic of Cyprus.\u201dThe unit is currently in Shanghai.Papanastasiou then said that the government\u2019s efforts focus at the moment on consultations at both political and technical levels directly with the consortium.\u201cHowever, if the consultations between the two parties do not conclude positively within a timetable proposed by the energy ministry, then we must suspend this cooperation so that the Republic of Cyprus is not a prisoner of an arrangement which cannot take place,\u201d he said.\u201cIn such a case, we should carry out a plan B that will take the project, a very important one for the country, to completion.\u201dPapanastasiou explained that building the LNG terminal at Vasiliko \u201cis the fastest way to introduce natural gas for use in electricity generation,\u201d adding that emissions need to be reduced.\u201cLiquefied natural gas in today\u2019s markets comes at very low prices. It would be a dream come true if we this terminal could introduce cheap fuel while reducing pollution,\u201d he said.\u201cIn other words, the cost of electricity in Cyprus would be much lower, and the electricity consumer would immediately see it.\u201dRegarding Cyprus\u2019 participation in the Great Sea Interconnector project, and whether there is any progress with the studies, he said that, after a decision taken by the Council of Ministers, \u201cthe Republic will be part of this effort, with an amount of up to \u20ac100 million\u201d.\u201cAt the moment, we are consulting with investment funds and with the Independent Power Transmission Operator (IPTO),\u201d he said.He added that this month, a meeting of three parties, namely the largest investment fund that has expressed interest, the IPTO, and the energy ministry, will take place \u201cso that we can shape the course of this project\u201d.Asked about the large investment fund, he said it is from the United Arab Emirates.Follow the
\nCyprus Mail on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"
High-level officials from a Chinese-led consortium responsible for constructing the liquefied natural gas (LNG) terminal at Vasiliko in Cyprus are expected to visit within the week. Energy Minister George Papanastasiou announced that the government will request a timetable for consultations between the parties and mentioned that if a positive outcome is not reached, a joint decision to suspend cooperation will be made. He highlighted that work on the terminal has stopped as the government wants to know the company’s plans and when the floating unit, currently in Shanghai, will be certified. Papanastasiou emphasized that building the LNG terminal at Vasiliko is the fastest way to introduce natural gas for electricity generation in Cyprus, aiming to reduce emissions and lower electricity costs. Additionally, Cyprus plans to participate in the Great Sea Interconnector project with an investment of up to \u20ac100 million, with consultations ongoing with investment funds and the Independent Power Transmission Operator (IPTO). A meeting with the largest investment fund interested in the project, from the United Arab Emirates, IPTO, and the energy ministry, is scheduled to take place to shape the course of this project.<\/p>\n","protected":false},"author":3,"featured_media":4042,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1750,1625,1751,3,553,1427,358,11,250,415,1051,899,1738,1428,757,870,34,1346,758,1004,1033,678],"class_list":["post-4041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-chinese-led-consortium","tag-construction","tag-consultations","tag-cyprus","tag-electricity","tag-electricity-costs","tag-energy","tag-energy-minister-george-papanastasiou","tag-google","tag-government","tag-great-sea-interconnector-project","tag-interest","tag-investment-fund","tag-liquefied-natural-gas-terminal","tag-lng-plant","tag-lng-terminal","tag-markets","tag-meeting","tag-natural-gas","tag-power","tag-prices","tag-prisoner"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n