Cyprus Mail
BusinessEnergy

MoU signed for floating gas unit

Vasiliko port

Solaris Engineering (CY) Limited announced on Tuesday it has signed a Memorandum of Understanding with H4E Gasfuel Ltd to provide services for the design and construction of a floating storage and regasification unit (Fsru) for natural gas in Cyprus.

H4E Gasfuel Ltd is part of a consortium including Oslo-based Hoegh LNG, which earlier this month filed an application to build and operate a Fsru in Cyprus.

In a press release, Solaris Engineering said the MoU concerns the provision of engineering, supply and management services for the proposed Fsru at an existing jetty at Vasilikos, outside Limassol.

The company added that it is able, thanks to its international experience and know-how, to also provide finished liquefied natural gas management services.

The consortium of Hoegh LNG, H4E Gasfuel Ltd and VTTV Vassilikos, the press release said, “aims to provide liquefied natural gas to Cyprus as soon as possible, which will reduce electricity costs for local consumers as well as gas emissions and gas emissions taxes.”

VTTV owns a jetty in the Vasilikos Port, in close proximity to the power plant there, that can be adapted for the Fsru terminal.

Hoegh LNG has said that, were its application to be approved, it would be able to start importing LNG during the first half of 2021.

The Norwegian firm owns the largest, most modern Fsru fleet in the market, with 10 Fsrus currently in operation.

The Cyprus Energy Regulatory Authority at the time declined to comment on the application while it was under review.

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