Cyprus LNG Project Delay Costs Taxpayers €350 Million Annually
The stalled LNG import terminal project in Vasiliko is costing Cyprus taxpayers €350 million annually due to ongoing diesel use. The project, which began in December 2019, has faced multiple delays, with the latest contractor withdrawing in July 2024. The government is now seeking subcontractors to complete the project and must address issues related to the floating storage unit, currently moored in Malaysia. The European Commission is involved due to irregularities in the tender process and potential corruption investigations.
Theia Market Signal Identification - AI Assisted
The LNG import terminal project in Vasiliko, Cyprus, is incurring €350 million in annual costs for taxpayers due to greenhouse gas emissions from continued diesel electricity generation. The project has been stalled since July 2024, when the Chinese-led consortium withdrew.
The head of the natural gas public company Defa, Giorgos Ashikalis, announced that bids for subcontractors will soon be invited to resume work. The Prometheas vessel, needed for the project, remains in Malaysia while the government explores options for certification and leasing. The European Commission is involved due to funding irregularities, and the government must return €67 million related to the project.
Comments