A newly-formed project monitoring body, led by Energy Minister George Papanastasiou, will oversee every aspect of the construction of the liquefied natural gas (LNG) terminal in Vassiliko. This initiative, announced following the recent resumption of the terminal's construction, aims to ensure efficient and transparent progress within the project.

Minister Papanastasiou, accompanied by a delegation from the Chinese CPP consortium, reached a consensus which led to the continuation of construction works, including the jetty and other facilities. The Minister highlighted the importance of this monitoring body in building trust and providing thorough oversight of the project. "This group, equipped with the necessary expertise, will supervise and monitor the project, working in various capacities as empowered by the Ministry," Papanastasiou said.

He also addressed the issue of a revised project delivery schedule, noting that CPP-METRON CONSORTIUM LTD is expected to announce an updated timetable within the next few weeks.

In a recent site visit to Vassiliko, President of the Republic and the Energy Minister were briefed on the project's progress by the contractors. Papanastasiou elucidated the composition of the monitoring body, which will include 1-2 engineers responsible for the project's supervision. They will maintain continuous communication with the Ministry, DEFA, ETYFA, and the contractor, and handle any arising disputes. “We will not allow differences to escalate and affect our relationships,” Papanastasiou emphasized.

He further noted the role of the body in minimizing bureaucracy and preventing further delays. "This group will act as the Ministry's eyes on the project, ensuring on-field presence rather than just office oversight, without interfering in the contractual obligations of the involved parties," he clarified.

When asked about a new project schedule, Papanastasiou revealed that the contractor promised to provide a new delivery schedule soon. Responding to a query about the project's implications, he underscored the Government's commitment to providing affordable electricity and efficient project management, involving both the Chinese consortium and DEFA and ETYFA.

During his visit to the LNG terminal site in Vassiliko, President Nikos Christodoulides stressed the Government's aim to reduce electricity costs, a goal directly linked to the terminal's operation. "The terminal is a critical component in our strategy to lower electricity prices, in tandem with other measures like renewable energy development," Christodoulides said.

He also mentioned the Government's efforts in electricity interconnection and reiterated the terminal's pivotal role in these endeavors. Addressing the LNG unit, President Christodoulides acknowledged its significance within the broader effort to enhance energy infrastructure.