Major energy projects to be discussed in Parliamentary Energy Committee
10/6/2024 13:07
The Parliamentary Energy Committee will meet on Tuesday morning to discuss the progress of the Vasilikos LNG import terminal and the Cyprus-Greece-Israel electrical interconnection via the “Great Sea Interconnector” subsea cable. Minister of Energy, Commerce, and Industry, George Papanastasiou has been invited to inform MPs.
Regarding the Vasilikos terminal, the Republic of Cyprus is currently in arbitration in London with the Chinese consortium CPP Metron (CMC), which is responsible for constructing the onshore terminal at Vasilikos. CMC has filed a claim with the Arbitration Court for additional compensation of €200 million from the Republic of Cyprus.
In relation to the Great Sea Interconnector, the Independent Power Transmission Operator (IPTO) of Greece, which is responsible for the implementation of the project, presented the cost-benefit analysis results on June 4. The President and CEO of IPTO, Manousos Manousakis, shared these results with the Minister of Energy and technocrats from the Ministries of Energy and Finance. The construction cost of the project is estimated at €1.9 billion.
The Energy Committee session will start at 09:00 a.m. (local time) and will also be attended by the Permanent Secretary of the Ministry of Finance, the Chairman of the Cyprus Energy Regulatory Authority, the Chairman of the Electricity Authority of Cyprus, the President and Director General of the Natural Gas Public Company (DEFA) and the Natural Gas Infrastructure Company (ETYFA) and other technocrats.
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