Cyprus aims to complete Vasilikos LNG terminal by year’s end

Cyprus aims to complete construction of the liquified natural gas (LNG) terminal in Vasilikos by the end of 2024, Energy Minister George Papanastasiou said on Monday. 

The terminal is part of the EU's Projects of Common Interest (PCI) scheme, with €101 million in funding.

Construction was halted in late January following an appeal to a court of arbitration by the Chinese-led consortium CPP Metron. However, construction resumed after recent discussions between Papanastasiou and CPP officials.

Papanastasiou emphasized the importance of introducing LNG to significantly reduce electricity generation costs, especially since the majority of electricity is currently generated through conventional means.

Addressing future explorations in the Cypriot exclusive economic zone (EEZ), Papanastasiou stated that the government is awaiting decisions from the ENI-led...