The Natural Gas Infrastructure Company (ETYFA) is finalizing bids to determine the next destination for the floating storage and regasification unit (FSRU) “Prometheus,” Energy Minister George Papanastasiou announced on Tuesday. The vessel will remain in Malaysia for an additional two to three months to undergo essential modifications and await delivery of critical components.

Speaking after a Parliamentary Energy Committee meeting, Papanastasiou revealed that the “Prometheus” had recently departed Shanghai, where it had been stationed for an extended period. The vessel is currently undergoing inspections to confirm its readiness as a floating regasification unit (FRU).

“Inspections are underway, along with sourcing necessary components for the ship to operate as a floating unit. The next step is certification at a terminal, which includes testing its capacity to produce the specified quantities of gas,” Papanastasiou explained.

Regarding the ship’s next destination, the Minister noted that ETYFA is preparing tenders that will determine the terminal location, certification requirements, and potential interim use of the vessel until the Vasilikos LNG infrastructure in Cyprus becomes fully operational.

“Work on the vessel is being carried out in the Malacca Strait region, near Singapore and Malaysia,” he added.

Papanastasiou confirmed that the “Prometheus” requires two critical components for its operation, which have long delivery times. However, he emphasized that the necessary modifications are limited, with costs expected to be significantly lower than initial projections. A detailed cost report from a specialized firm is awaited to confirm final figures.

The project, funded by the European Commission and loans from two European banks, requires continuous coordination with financiers to secure approval for the terminal’s location.

Addressing concerns about the potential loss of EU funds for the natural gas infrastructure project, Papanastasiou reassured that no funds have been lost and that discussions with the Commission are progressing, with results anticipated soon.

The Prometheus vessel plays a vital role in enabling LNG imports and enhancing Cyprus’ energy infrastructure. However, the Vasilikos LNG project, which aims to establish a terminal for liquefied natural gas (LNG) imports, has faced significant challenges. These include the termination of the original construction contract in mid-2024. The Cypriot government is actively seeking solutions to overcome these setbacks and bring the project to completion.