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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.

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Progressing Towards Energy Independence: The Vasiliko LNG Terminal

The Vasiliko LNG terminal in Cyprus aims to boost the nation’s energy independence by facilitating LNG regasification, paving the way for cleaner and potentially more affordable electricity production while aligning with environmental objectives. Recognized as a vital project within the European context, it has encountered setbacks but is back on track, backed by a significant EU grant, indicating a strategic shift towards sustainable energy sources and economic stability for Cyprus.

energy sector cyprus

Renewed Efforts in Cyprus: Advancements in Energy Sector

President Nikos Christodoulides’s visit to the LNG terminal in Cyprus signifies a crucial step towards reducing electricity costs and enhancing sustainability in the nation’s energy sector. The government’s commitment to completing the terminal, along with plans to leverage renewable resources and foster international collaborations, highlights a strategic approach towards achieving energy security.

construction lng terminal

Vasiliko’s LNG Terminal Construction Back on Track

The Vasiliko LNG terminal construction is back on track after a temporary halt, with the CPPMetron Consortium Ltd mobilizing additional personnel from China with government support to expedite the project’s completion. Despite past delays and financial disputes, both parties remain focused on ensuring the terminal’s strategic significance for Cyprus’s energy security and regional influence.

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Government ‘has no plan B’ over Vasiliko LNG terminal

The Vasiliko LNG terminal in Cyprus faces delays with no backup plan, as the government pushes the current contractor to meet the deadline of July 2024. Once operational, the terminal is expected to lower electricity prices to around 20 cents per kWh, a crucial step towards sustainable energy in Cyprus.

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