22.02.2023
Work has recently begun on the construction of a berth as part of a liquefied natural gas (LNG) receiving and regasification terminal in the Vasilikos area of Cyprus. At the same time, the preparation of the FSRU vessel, which will be moored to the berth and will allow LNG to enter the Cypriot market, is in Shanghai.
The construction company has submitted a new timeline to the relevant government departments and agencies to complete the project by the end of October 2023, according to an update on the progress of the project on Wednesday.
Representatives of the CPP Consortium – Metron Consortiuim LTD, which represents the contractors of the project in Cyprus, said that after difficulties and delays caused by lockdowns in both Cyprus and China, schedules have been rescheduled and project completion is now expected at the end of October 2023 instead of July 2023.
The project contractor is a consortium consisting of China Petroleum Pipeline Engineering Co. LTD, Metron Energy Applications SA, Hudonzg-Zhonghua Shipbuilding Co. Limited and Whilhemsen Ship Management Limited, which signed a contract with the Cypriot Natural Gas Infrastructure Company (ETYFA).
Construction work on FSRU, the vessel “ETYFA PROMETHEAS”, which is underway in Shanghai, is currently 90% complete, according to the contractor. The ship will be dual classed, not only as an FSRU, but will also be classified as an LNG carrier, a vessel capable of international trade.
It was also noted that the project lender’s engineers had already visited the project three times to assess progress. EU funding of €101 million was secured for the project through the Connecting Europe Facility (CEF) programme. The additional financing was secured through the participation of the Cyprus Electricity Authority in the amount of EUR 43 million, with the rest of the money being secured by loans from the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). The total cost of the project is about 315 million euros.
The project belongs to the development area of the Vasilikos Master Plan and is a project of general interest (PCI) for the EU. It is located within the boundaries of the Mari community in the Larnaca region, 36 km west of the city of Larnaca.
The project is owned by ETYFA, a subsidiary of the State Gas Company (DEFA), and is currently the Republic of Cyprus’ largest investment in the energy sector.
