The termination of the construction project of the LNG terminal in Vassiliko with the specific consortium is not to be excluded, in the event that the ongoing efforts do not end in a result that satisfies the Republic of Cyprus, Minister of Energy, Commerce and Industry, Giorgos Papanastasiou said on Wednesday.

Asked about efforts to settle the issue regarding the terminal in Vassiliko, Papanastasiou noted that "it is not a matter of a settlement". "The Vassiliko terminal must be completed," he said, adding that the reduction in the cost of conventional power generation goes through this terminal because it is the first infrastructure that will import natural gas into Cyprus.

He said that in addition to the price of natural gas, which is quite low now, there is also the issue of reducing pollutants. Papanastasiou noted that there is a cost that is passed on to the consumer.

"So efforts are being made in the direction of the consortium itself and there are also political efforts," he said, noting that the consortium is Chinese and the company managing this project is state-owned.

Papanastasiou said that efforts continue and that they have not ended up anywhere, adding that the government is ready for a "Plan B". He said that in the event that these efforts do not end up in something that satisfies the Natural Gas Infrastructure Company (ETYFA) the Republic of Cyprus "will have to take some bold decisions", noting that the termination of the specific project with the specific consortium is not to be excluded.