The urgent House energy committee meeting in Cyprus focuses on the contentious Vasiliko LNG project, EU funding concerns, and scrutiny over award procedures for energy projects. Officials will discuss the feasibility of discontinuing the LNG project for alternative energy investments and provide updates on the Cyprus-Greece-Israel electrical interconnector, the Great Sea Interconnector (GSI), along with challenges related to ultimate beneficial ownership (UBO) regulations.
What are the main topics of the urgent House energy committee meeting in Cyprus?
- The contentious Vasiliko LNG project and EU funding concerns.
- Scrutiny over the award procedures for the energy project consortium.
- Discussion on the feasibility of discontinuing the LNG project for alternative energy investments.
- Updates on the Cyprus-Greece-Israel electrical interconnector, the Great Sea Interconnector (GSI).
- Challenges related to ultimate beneficial ownership (UBO) regulations.
Urgent Deliberations Over Energy Projects
State officials are expected to face intense questioning in an urgent meeting called forth by the House energy committee on Tuesday. Key figures, including Energy Minister George Papanastasiou and auditor-general Odysseas Michaelides, will be present. The officials representing various departments and agencies will come together to deliberate on the contentious Vasiliko LNG project and other pressing issues within the sector.
An extraordinary session has been arranged, where discussions will touch upon recent setbacks in Cyprus’ energy investments and the subsequent steps the state plans to take. This comes in light of the European public prosecutor office’s (EPPO’s) decision to investigate potential misconduct and the EU’s demands for the return of funds concerning the LNG project.
Scrutiny of Energy Investments and Future Directions
The focus will be sharp on the award procedures that favored a Chinese, Greek, and Norwegian consortium to handle the project, despite doubts cast on their capabilities. Additional topics will include the rationale behind an extra €25 million allocated to an already over-budget endeavor and the accountability for possible legislative breaches and oversight failures.
Members of the House energy committee are contemplating the feasibility of discontinuing the LNG project, exploring alternatives like significant investments in solar energy storage. This strategy shift could represent a dramatic turn in how Cyprus approaches its energy portfolio.
The Great Sea Interconnector and UBO Complications
During the session, updates on the status of the Cyprus-Greece-Israel electrical interconnector, known as the Great Sea Interconnector (GSI), will be shared. Currently stalled, the GSI awaits a resolution from the state energy regulatory authority (Cera), expected to come forward in August, on a proposal by the Greek independent power transmission operator (Admie) concerning the project’s financial shortfall.
Additionally, the committee will discuss broader challenges that sectors face due to recent decisions on ultimate beneficial ownership (UBO) detail submissions. The gathering will seek clarity on these and other issues that impact the legal and operational frameworks of companies in Cyprus.
What are the main topics of the urgent House energy committee meeting in Cyprus?
- The contentious Vasiliko LNG project and EU funding concerns.
- Scrutiny over the award procedures for the energy project consortium.
- Discussion on the feasibility of discontinuing the LNG project for alternative energy investments.
- Updates on the Cyprus-Greece-Israel electrical interconnector, the Great Sea Interconnector (GSI).
- Challenges related to ultimate beneficial ownership (UBO) regulations.
What is the focus of the urgent meeting called forth by the House energy committee?
The focus of the meeting will be on the contentious Vasiliko LNG project, recent setbacks in Cyprus’ energy investments, EU funding concerns, award procedures for the energy project consortium, and potential legislative breaches and oversight failures.
What alternative energy investments are being considered as a shift from the LNG project?
Members of the House energy committee are contemplating the feasibility of discontinuing the LNG project for significant investments in solar energy storage as an alternative approach to Cyprus’ energy portfolio.
What updates will be shared regarding the Cyprus-Greece-Israel electrical interconnector, the Great Sea Interconnector (GSI)?
During the meeting, updates on the status of the GSI will be discussed, including a proposal by the Greek independent power transmission operator (Admie) to address the project’s financial shortfall, pending resolution from the state energy regulatory authority (Cera) expected in August.
