President Nicos Anastasiades on Thursday will set the foundation stone of the liquified natural gas terminal at Vasilikos, billed the biggest ever strategic energy project in the Republic.
The LNG terminal to be completed in about two years, will include a floating storage and regasification unit (FSRU), a jetty for mooring the FSRU, a jetty-borne gas pipeline and related infrastructure.
It will be used to import gas for power generation.
The project will be constructed by a multinational consortium led by China Petroleum Pipeline Engineering. It also includes Greece’s Metron, Hudong-Zhonghua Shipbuilding, China, and Norwegian Wilhelmsen Ship Management.
It is expected to cost around €289 million. Part of the cost, €101m, will be covered by the European Union while an additional €150m has been borrowed from the European Investment Bank. The electricity company, EAC, will contribute €43m.
A separate tender has been launched for the supply of the gas.