Cyprus’ oil import dependency is high. According to the 2021-2030 National Energy & Climate Plan (NECP), Cyprus total primary energy consumption in 2018 amounted to about 48,400 boe/day (barrel of oil equivalent is a unit of energy based on the approximate energy released by burning one barrel of crude oil). Imported oil products provided most of it, about 43,400 boe/day.
About 40 per cent of this energy was consumed by the EAC in power generation, with the rest used in transport, industry, heating/cooling (H&C), agriculture and services.
Based on current plans, and with the new liquefied natural gas (LNG) terminal at Vasiliko likely to become operational by 2022, LNG imports will be replacing oil products in power generation by the end of 2023.