In a ceremony on July 9, President of the Republic of Cyprus Nicos Anastasiades will lay the foundation stone of Cyprus LNG Import Terminal, which will pave the way for the import of natural gas to Cyprus.
The largest energy project in the Cyprus Republic, is expected to be completed within two years and reduce the price of electricity for Cypriot consumers and the economy.
Τhe Natural Gas Infrastructure Company of Cyprus (ETYFA) has issued on June 3, the notice to proceed with the Consortium that was awarded the works of the Cyprus LNG Import Terminal. By accepting the notice, the parties of the Consortium declare their commitment and their ability to deliver the natural gas infrastructure for electricity purposes within the specified schedule.
The project was 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.
The total project budget is 289m euros. Part of this capital expenditure will be covered by the European Union, namely 101 million euros in the form of a grant through the "Connecting Europe Facility”. Another 43 million euros were provided as equity capital by the Cyprus Electricity Authority, while the remaining amount will be financed by borrowing on favourable terms.
European Investment Bank’s (EIB) has also approved the amount of €150 million to fund the construction of a project and European Bank for Reconstruction and Development (EBRD) another 80 million euros funding, of a 20-year duration.
The infrastructure development project in Vasilikos will include an LNG floating storage and regasification unit (FSRU), a jetty, mooring facilities, a pipeline on the jetty and other onshore and offshore related infrastructure.