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Cyprus

Go ahead for Cyprus’ largest energy project

The board of the European Investment Bank is to review a project to import LNG to the island, to build a plant for an LNG terminal at the port of Vassiliko so that it could arrive by sea, and to regasify it so that it could help power the electrical grid

Τhe Natural Gas Infrastructure Company of Cyprus (ETYFA) has issued notice that it was going ahead with the consortium that was awarded the LNG import terminal, paving the way for Cyprus’ largest energy project.

According to an ETYFA news release, by accepting the notice, the parties of the consortium declare their commitment and their ability to deliver the €289m infrastructure to be used for electricity purposes, within the specified schedule.

Part of the cost will be covered by the European Union; €101m in the form of a grant through the Connecting Europe facility. Another €43m were provided as equity by the Cyprus Electricity Authority, while the remaining amount will be financed through borrowing on favourable terms.

ETYFA said co-financing construction of the project and creating state-owned facilities is the optimal choice for the Republic of Cyprus. It creates fundamental conditions for reducing the price of electricity and affords the benefits to the economy and the consumers.

The project will be undertaken by the international consortium JV China Petroleum Pipeline Engineering Co Ltd, and METRON S.A., with Hudong-Zhonghua Shipbuilding Co. Ltd and Wilhelmsen Ship Management Limited.

 

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