Cyprus LNG terminal by July

Cyprus LNG terminal by July

Three years after the groundbreaking for the liquefied natural gas terminal in Cyprus, a project worth $289 million has been initiated. However, the work remains incomplete, causing a delay in the implementation of a medium-term solution for transporting and utilizing LNG. This delay is significant as it affects consumers seeking an alternative to the rising oil prices.

The most recent update indicates that the terminal’s completion stands at 77%. The land terminal is projected have its construction completed by the third week of July in 2024, as per a new schedule submitted by the contractor.

On the other hand, the floating gas regasification and storage unit (FSRU) is progressing rapidly in Shanghai, with an estimated completion rate of 98%. It is currently undergoing gas trials and addressing issues that arose last August. This week the final checks on the vessel are expected to be completed.

A report by LNG Prime notes that the Cyprus FSRU is in its final testing phase in China. However, due to the time gap between the delivery of the floating unit and the completion of the land terminal at Vassilikos, it may not be operational for at least seven months.

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