eu grant lng terminal

Cyprus Risks Losing EU Grant for LNG Terminal Project

Cyprus risks losing a €101 million EU grant for its LNG terminal project if it does not meet certain conditions. The project must have €253 million in recognized expenditures by the end of 2023 and be fully completed, with all certifications, by the end of 2024, to avoid forfeiting the funds. This setback would impact Cyprus’s energy diversification efforts and its ability to reduce reliance on imported oil, highlighting the importance of completing the LNG terminal in Vasiliko.