| Description: | Cyprus as of July 9 will enter the natural gas era, Natural Gas Public Company Chairman Symeon Kassianides has said as tomorrow the President of the Republic will lay the foundation stone for the construction of the Cyprus LNG Import Terminal Project in Vassiliko.
The project with a total budget of €289 million, is considered to be the largest energy project Cyprus and features an LNG floating storage and regasification unit (FSRU), a jetty, mooring facilities, a pipeline on the jetty and other onshore and offshore related infrastructure. Construction is expected to be concluded in 2022.
“As of tomorrow, we mark Cyprus’ entry to the natural gas era,” Kassianides told a meeting with journalists, adding that the project will pave the way for the opening of the electricity generation market.
“The project will pave the way for the electricity market, as without natural gas the market cannot open,” he added.
Furthermore, Kassianides said that studies conducted by DEFA and the Electricity Authority of Cyprus have shown that natural gas will lead to a reduction of 15% - 25% in electricity prices. |
