The year 2025 is shaping up to be pivotal for the long-delayed liquefied natural gas terminal project in Vasilikos, following last year’s setback caused by the withdrawal of Chinese consortium CMC.
Completing the project is now a top government priority to ensure natural gas can be used for electricity generation and to mitigate the negative effects caused by other failed investment ventures.
The project’s owner, ETYFA, is pushing to finish the onshore LNG infrastructure while simultaneously addressing the delayed delivery of the floating storage and regasification unit (FSRU) ship, Prometheus. December is expected to be a critical month for progress on both fronts, determining whether the infrastructure will be operational by 2025 or early 2026.
CMC completed about 60% of the Vasilikos project, leaving 40% unfinished, including work on the pier and terminal infrastructure. Since CMC’s exit, three major Greek companies – AVAX, GEK Terna and Aktor – have shown interest in taking over the project. These firms have formally notified the Cypriot Energy Ministry of their willingness to complete the work. Despite their enthusiasm, the selection process will follow a formal tender procedure.