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The biggest energy supply project in Cyprus is on the right track

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The biggest energy supply project in Cyprus is on the right track

Insider / ΚΥΠΕ

The works, for the largest project ever done in Cyprus, regarding the supply of energy in the form of electricity, are at an advanced stage.

According to today's announcement, the liquefied natural gas terminal in Vasiliko is being built by the Chinese giant China Petroleum Pipeline Engineering, which, despite the enormous problems and difficulties that humanity is facing due to the pandemic, has put all its weight and effort into this ambitious project to be able to become a reality in the first half of 2023.

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The project includes, among others, a floating liquefied natural gas storage and regeneration unit (FSRU), a pier for connecting the floating unit and a pipeline on the pier to connect it to the Vasilikos Power Plant.

This is the largest energy project in Cyprus, with a budget of 289 million euros, which will be the gateway to natural gas on our island.

ETYFA has secured a € 101 million sponsorship from the European Commission, through the Connecting Europe Facility project.

The rest of the financing was provided by the participation of the EAC in the share capital of ETYFA with € 43 million and by financing of 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 less polluting fuel than petroleum, which will strengthen Cyprus' efforts to achieve the binding objectives of the National Energy and Climate Plan.

It is noted that on Friday, October 29, the steel cutting ceremony took place at the COSCO shipyard in Shanghai, which marked the beginning of the main works on the ship “ETYFA PROMITHEAS”, which is the starting point of the project.

The imposing ship, which has already been registered in the Cypriot register, will be the recipient of Liquefied Natural Gas (LNG) from suppliers. It stores the LNG and processes it through the onboard regeneration unit.

This unit converts LNG back into natural gas and is carried ashore via a pipeline directly connected to the Royal Power Station (VPS).

Furthermore, with the upgrades already underway 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.

Source: www.philenews.com

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