Filenews 8 November 2021
Work is at an advanced stage on the largest project ever done in Cyprus regarding the supply of energy in the form of electricity.
According to today's announcement, the Vasilikos liquefied natural gas terminal is being built by Chinese giant China Petroleum Pipeline Engineering, which despite the enormous problems and difficulties facing humanity due to the pandemic, has put all its weight and effort into it so that this ambitious project can become a reality in the first half of 2023.
The project includes, among others, a floating liquefied natural gas storage and regasification unit (FSRU), a pier for the mooring of the floating unit and a pipeline on the pier for its interconnection with the Vasilikos Power Plant.
This is the largest energy project in Cyprus, with a budget of €289 million, which will be the gateway for natural gas to our island.
ETYFA has secured €101 million. sponsored by the European Commission, through the "Connecting Europe Facility" Project of Common Interest.
The remaining funding was secured by EAC's participation in etyfa's share capital with €43 million and from funding from the European Investment Bank and the European Bank for Reconstruction and development, with €150 million and €80 million respectively.
The project marks the transition to a fuel that is less polluting than petroleum products, which will strengthen Cyprus' effort to achieve the binding targets of the National Energy and Climate Plan.
It is noted that on Friday, October 29th, the steel cutting ceremony took place at the COSCO shipyard in Shanghai, which marked the beginning of the main works on the ship "ETYFA PROMETHEUS", which is the starting point of the project.
The imposing ship, which has already been registered in the Cyprus register, will be the recipient of Liquid Natural Gas (LNG) from suppliers. It stores the LNG and processes it through the on-board regasification unit.
This unit converts LNG back into natural gas and is propelled ashore through a pipeline directly connected to the Vasilikos Power Station (VPS).
Furthermore, with the upgrades already being made in Shanghai, it will be able to operate as an LNG-C carrier that will allow it to trade in the international market.
In essence, it will remain self-propelled, giving it the ability to navigate anywhere in the world and this makes the ship a valuable asset for the Republic of Cyprus, the same statement said.
