The LNG construction contract at Vassiliko with the international consortium has been finalized on Friday, December 13 at the Presidential Palace

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Nicosia, 13th December 2019

The founding of the largest energy project in Cyprus, which provides for the design, construction and operation of the LNG terminal in Vasiliko, was announced today in the presence of members of government, institutions, and producers at the Presidential Palace during the signing ceremony of the contract between the Natural Gas Infrastructure Company (ETYFA) and the international consortium China Petroleum Pipeline Engineering CO LTD, Hudong-Zhonghua Shipbuilding, Metron SA and Wilhelmsen Ship Management.

"With today's signing, the foundation for a multi-year effort has now been laid," said Minister for Energy, Industry, and Commerce, Mr. George Lakotryppis.

“Today is a very important day for the Republic of Cyprus. Our country is entering a new era leading to the European course of evolution, the course of Natural Gas, utilizing the proficiency of China Petroleum Pipeline Engineering Co Ltd, the capability of Hudong-Zhonghua Shipbuilding yards, the know-how of Metron SA and the expertise of Wilhelmsen Ship Management, that is the companies forming the consortium currently partnering with us”, said ETYFA President Dr. Symeon Kassianidis.

On the part of the Consortium, both Mr. Duan Bingquan, Deputy Director-General of China Petroleum Pipeline Engineering Co Ltd as well as Mr. Nicos Papoutsis CEO of Metron SA, expressed their satisfaction with the process followed and the excellent collaboration they developed with all the relevant stakeholders in Cyprus, during the long and very demanding process of the bid and the negotiations. They both affirmed their commitment to delivering on-time, within a budget top-quality project.

Afterward, Mr. Andreas Pentaliotis, Head of Operations and Project Management Division presented the technical details related to the project.

Under the terms of the contract, the construction of the project is estimated to be completed in 24 months from the day ETYFA instructs the Consortium to begin work. The project is expected to be completed by Q1 of 2022.

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