The London Court of International Arbitration has reserved its decision over the €69 million claim filed for the Vasiliko liquified natural gas (LNG) terminal, it was reported on Thursday.

According to CNA, both sides submitted their positions to court on Wednesday and a decision is expected in the near future.

Chinese-led construction firm CPP-Metron Consortium Ltd (CMC) which was behind the contentious LNG project had  submitted a statement of claim before a London arbitration court amounting to €69m from the Natural Gas Infrastructure Company (Etyfa).

CPP is claiming increased costs from the Republic of Cyprus due to technical problems and delays surrounding the project.

Energy Minister George Papanastasiou previously told the Cyprus Mail the arbitration was filed in October 2022.

The project has been marred with delays, where CPP submitted four delivery timetables which it failed to meet.

Nonetheless, on July 18, the consortium pronounced the project dead and announced its termination, slamming Etyfa for bullying.

In a further twist, it emerged the European Public Prosecutor’s Office (EPPO) said it opened an investigation into the Vasiliko LNG terminal on suspicion of procurement fraud, misappropriation of EU funds and corruption.

EPPO said the investigation was prompted by an Audit Office report on the matter in January “regarding possible violations during the procurement procedure and the subsequent execution of the public contract for the LNG project”.

Deputy government spokesman Yiannis Antoniou said the state had been informed of EPPO’s investigation since March.