Filenews 2 February 2025 - by Chrysanthos Manoli
According to information provided by Fileleftheros, the supply and installation of the equipment deemed necessary to be added to ETYFA's ship Prometheus requires several months, so that it can then be certified as a floating liquefied natural gas storage and regasification unit (FSRU).
Recent information indicates that under the new data created after the detailed technical inspection that Prometheus passed in Malaysia, the scope for transferring the ship to a foreign dehydration terminal, in order to be certified or even used against rent to ETYFA, has been significantly reduced.
In particular, we are informed that it has been estimated that the supply of the two basic components that need to be installed in the Prometheus infrastructure and their installation will take about eight months! This means that almost by the end of 2025 Prometheus will be under technological upgrade and can neither be certified nor used for LNG regasification at a terminal. And if you take into account some extra months from the... The deadlines become even tighter, even if the procedures for resuming and completing the construction works of the pier and other infrastructure in Vasilikos are delayed longer than expected.
Given these facts, it follows that ETYFA and the Ministry of Energy will stop – if not abandon – the search for a terminal in Greece, the United Arab Emirates, Egypt or elsewhere for the certification or lease of Prometheus. Efforts will focus on upgrading the ship's technological infrastructure as soon as possible in 2025, with the hope that in 2026 it will be possible to sail to Vasilikos and be certified as an FSRU in homeland.
Other reports indicate that the cost of upgrading Prometheus (certified in Shanghai by Lloyd's as an LNG Carrier) to an FSRU will range between four and five million, money that will be borne by ETYFA.
What about the terminal?
Although at the beginning of January it was reported that it was a matter of a few days or weeks for ETYFA's selection of a project manager to be locked in order to assess where the works are located in Vasilikos and what exactly remains to be built until the delivery of the project, the pending issue is extended.
The latest unofficial information indicates that the phase of preparation of the documents for the final terms of reference and the final requirements of ETYFA has been completed by the project manager and already in recent days the candidates who passed the final evaluation phase have been asked to submit their final financial proposals. This is expected to take place in 15-20 days and will be followed by the evaluation of the financial offers and the final decision.
If everything goes as estimated by ETYFA's people, at the end of March it is likely that the company that will undertake the coordination of the project will get to work and after the first assessments of the situation will have to prepare terms of reference for construction tenders, in order to select a contractor for the completion of the terminal.
No estimates can be made at this stage either for the time required for the selection of a new contractor and the execution of the remaining works, nor of course for the cost that ETYFA will have to pay.
The chances that the terminal will be able to operate even a year from now are very limited, if any. In any case, the procedures for the conclusion of agreements for the purchase of liquefied natural gas are pending, either on the basis of a long-term contract or through the spot market. We remind you that the infrastructure of the piping that will connect the terminal with the EAC and PEC stations in Vasilikos, for the transport of regasified natural gas for electricity production, is also pending.
