Philenews

Vasilikos Terminal: Efforts to Avoid Further Delays - Consideration of State Company Involvement

Published January 25, 2026, 05:04
Vasilikos Terminal: Efforts to Avoid Further Delays - Consideration of State Company Involvement

The Cypriot government is seeking legal avenues to avoid a lengthy process of new tenders for the completion of the natural gas terminal in Vasilikos. The aim is to reach an agreement with a foreign state-owned company to prevent further delays. The idea is to exploit a legal loophole that allows bypassing the open tender process, provided the contractor is a state company. Contacts have been renewed with the state-owned company of the United Arab Emirates, ADNOC, which is reportedly interested in the project but also wants a role in managing the terminal, complicating the situation. ADNOC has expressed interest in broader involvement in Cyprus's energy sector, including investment in plots in the Cypriot EEZ. The government hopes that ADNOC will take over the project, but is also considering other options. The delay in completing the terminal has caused concern, as it is a significant part of Cyprus's energy strategy. The timely completion of the project is crucial for the exploitation of natural gas reserves in the Cypriot EEZ. If an agreement with ADNOC cannot be reached, the government will have to proceed with a new round of tenders, which will lead to further delays. The situation remains uncertain, but the government is committed to finding a solution as soon as possible.