Cyprus starts construction of Vasilikos LNG Terminal PPP Project

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The construction has started on the Vasilikos LNG Terminal Project in Larnaca.

The EUR289 million (US$334.52 million) facility consists of an LNG floating storage and regasification unit (FSRU), a jetty, mooring and pipeline infrastructure, and other onshore and offshore facilities.

The project has secured EUR101 million (US$116.730 million) grant from the EU’s Connecting Europe Facility through the Natural Gas Infrastructure Company (ETYFA). The project also secures funding from EUR43 million (US$49.697 million) from the Electricity Authority of Cyprus (EAC), about EUR150 million (US$173.362 million) from the European Investment Bank, and EUR80 million (US$92.459 million) from the European Reconstruction and Development Bank.

The Vasilikos LNG project is being developed by the international consortium of companies composed of China Petroleum Pipeline Engineering, including Hudong-Zhonghua Shipbuilding (China), Metron SA (Greece), and Wilhelmsen Ship Management (Norway).

The project is expected to be operational by 2022. 

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