Vasilikos: A gap analysis conducted by the project manager concerning the Vasilikos terminal was delivered on Friday, setting out the timelines for the completion of the remaining works of the overall project, including the jetty, onshore terminal, and network, as stated by Chairman of the Natural Gas Infrastructure Company (ETYFA), George Ashikalis, to CNA.
According to Cyprus News Agency, the installation of components on the floating storage and regasification unit (FSRU) 'Prometheus,' currently anchored in Malaysia, is at a final stage. The gap analysis for the Vasilikos terminal will be evaluated by the competent department of ETYFA and, in approximately 15 days, will be submitted to the ETYFA Board of Directors for decision-making on the project's progress.
Regarding the 'Prometheus' vessel, Ashikalis mentioned that the installation of components is nearing completion, and an inspection by Lloyd's classification society is scheduled for January to certify that the modifications to the ship have been executed correctly. Certification from a classification society is crucial for any modifications.
Upon completion of the certification process within January, the vessel will be ready to sail to a terminal for the final certification as an FSRU. ETYFA is conducting a study to determine which port the 'Prometheus' will head to for this certification, considering whether it will go to a terminal abroad or come to Cyprus to be certified at the Vasilikos terminal. This decision will depend on the completion of the remaining works at Vasilikos.
'Prometheus,' an LNG tanker under Cyprus' flag, is intended to serve as an FSRU connected to Vasilikos Terminal to supply Cyprus with natural gas. The project has encountered delays, with the vessel having sailed from Shanghai on December 14, 2024, and anchored in a Malaysian port since Christmas Eve 2024. In May, it underwent an inspection by ETYFA's engineers while awaiting component installations.
The Vasilikos Terminal project is also facing a halt after the termination of CMC's contract and is currently under investigation by EPPO. Additionally, Brussels has demanded the repayment of 67 million pounds in EU funding already received for the project.