Cyprus Government Faces Scrutiny Over €1 Billion Vasilikos LNG Project Costs
The Cypriot government is facing criticism over the soaring costs of the Vasilikos LNG terminal, which have escalated from €315 million to €1 billion. Opposition MPs have raised concerns about the transparency of consultant fees and legal strategies, while investigations by the Law Office and the European Public Prosecutor's Office are ongoing. Energy Minister Michalis Damianos has promised to provide further information amid delays in public procurement processes.
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The Cypriot government is under pressure regarding the escalating costs of the Vasilikos LNG terminal, with estimates rising from €315 million to €1 billion. During a House Energy Committee session, opposition MPs criticized the lack of transparency over consultant fees and legal strategies.
ETYFA Chairman George Ashikalis stated that sensitive information shared with the committee may have been leaked, affecting arbitration proceedings in London. Energy Minister Michalis Damianos promised to provide more information, acknowledging delays related to public procurement processes.
The Prometheus FSRU remains stalled in Malaysia due to the unconstructed jetty at Vasilikos. Investigations by the Law Office and the European Public Prosecutor's Office into the project are ongoing, with no timeline for completion. The committee will reconvene next week.
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