The firm spearheading one of the Republic of Cyprus’ most ambitious energy ventures, the LNG terminal at Vassiliko, finds itself grappling with challenges that pose a threat to its completion.
With 101 million euros in EU funding through the Connecting Europe Facility (CEF), Cyprus faces potential repercussions if the project stalls further. The consortium’s recent 17-day suspension of construction has sparked concerns among subcontractors, many of whom are Cypriot entities, left unpaid by the consortium.
The government now stands at a crossroads, contemplating potential intervention to salvage the terminal’s construction through Greece’s DEFA, the major shareholder of the Natural Gas Infrastructure Company (ETYFA) overseeing LNG infrastructure.
Source: Ekathimerini.com
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