Cyprus Government Explores Legislative Option to Expedite Vasilikos Gas Terminal with ADNOC
The Cypriot government is seeking legislative measures to expedite the stalled Vasilikos gas terminal project by potentially bypassing the lengthy tender process, focusing on UAE's ADNOC as a contractor. Recent discussions revealed ADNOC's interest in the project, although they prefer an operational role, complicating negotiations. If the tender process cannot be circumvented, the project's completion may face further delays.
Theia Market Signal Identification - AI Assisted
The Cypriot government is pursuing a legislative approach to bypass the lengthy tender process for the stalled natural gas terminal at Vasilikos. Recent discussions have focused on UAE's ADNOC, with officials asserting that EU law allows avoiding an open tender if the contractor is a state-owned company.
The initiative, initiated by former energy minister Georgios Papanastasiou and now continued by Michalis Damianos, originally aimed for a partnership with an EU state company but has shifted to consider third-country firms. Recent talks with ADNOC were renewed during Damianos's visit to the UAE.
ADNOC has expressed interest in Cyprus's energy opportunities, including the terminal. However, ADNOC prefers a role as an operator rather than just a contractor, complicating negotiations. If the Republic cannot bypass the tender process, the completion of Vasilikos will be delayed further. ETYFA has not yet finalized the assessment from Technip regarding the project.
Comments