Politis

Gas Terminal Project Faces Delays, Completion Unlikely Before 2026

Published January 23, 2026, 05:20
Gas Terminal Project Faces Delays, Completion Unlikely Before 2026

The construction of the natural gas receiving terminal in Vasilikos is facing a deadlock, making it unlikely to be completed before 2026. Work has been suspended since 2023, turning the project into a costly fiasco that burdens the Cypriot economy, which already faces high electricity costs. ETYFA is evaluating a study by Technip to determine the status of the project and develop a new timeline. The floating part of the terminal, the 'Prometheus', remains docked in Malaysia, with a monthly maintenance cost of $450,000. The Minister of Energy confirms the need to complete the project, but acknowledges that new tenders and procedures are required.