The ambitious Vasilikos gas terminal project in Cyprus is facing financial and logistical hurdles, with an additional €200 million needed to complete construction. The Finance Ministry is now reviewing funding options, as officials warn that delays could further raise costs and prolong Cyprus’ reliance on expensive energy sources.
Ministry spokesman Dionysis Dionysiou recently confirmed to Parliament that the ministry is assessing how to cover the extra cost. Minister George Papanastasiou insisted that the project could still be completed by the end of 2025, though he acknowledged that this is an “ambitious” target.
Progress has been made on the onshore terminal and pier, but strict oversight from the General Accounting Office has slowed decision-making, officials said. Papanastasiou emphasized that while delays are frustrating, all procedures are being followed in accordance with the law.
A key component of the project, the floating gasification unit Prometheus, remains in Malaysia, awaiting certification for two systems worth €7 million. The vessel is valued at around €200 million, but officials are now considering alternative solutions to expedite its deployment.