Cyprus government to resume Vasilikos LNG terminal project without specific timeline

Energy Minister Michalis Damianos confirmed that the government intends to complete the Vasilikos LNG terminal project by launching new tenders for the jetty and land facilities. While the FSRU Prometheus vessel is complete, it requires final certification through gas processing at a port yet to be determined by ETYFA. The minister declined to provide a specific completion timeline, citing that technical consultants from Technip have not established one following their gap analysis. This stance follows a history of missed deadlines since the project's inception in 2007 and the termination of the previous contract in 2024. Additionally, Cyprus is in the final stages of returning 67 million euros in EU grants through an offsetting mechanism within the Recovery and Resilience Plan. Finance Ministry official Dionysis Dionysiou stated that while funding for other projects will be reduced, they will not be canceled. The government is also exploring the possibility of involving state-owned companies from the United Arab Emirates in the project's completion. Parliamentary committee members expressed significant dissatisfaction with the lack of clear schedules and the ongoing technical uncertainties.