Cyprus gives go-ahead for first LNG terminal

Cyprus’ Natural Gas Infrastructure Company (ETYFA) has issued notice to proceed with the international consortium awarded the contract to build an LNG Import Terminal, the island’s largest energy project.

According to ETYFA’s statement, by accepting the notice, “the parties of the Consortium declare their commitment and their ability to deliver the natural gas infrastructure for electricity purposes within the specified schedule”.

The total project budget is €290 mln. Part of this capital expenditure will be covered by the European Union, in the form of a €101 mln grant through the “Connecting Europe Facility”.

Another €43 mln was provided as equity capital by the Cyprus Electricity Authority, while the remaining amount will be financed by borrowing on favourable terms.

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