Excelerate Energy, a U.S.-based company specializing in Floating Storage and Regasification Units (FSRUs), along with Egypt’s EGAS and Abu Dhabi’s ADNOC, have shown interest in temporarily utilizing Cyprus' FSRU unit. This development comes amid ongoing delays in the completion of the LNG project at Vasilikos and uncertainties regarding the arrival of the Prometheus vessel in Cyprus.

As Brief reports, the continued difficulties in finalizing the Vasilikos LNG terminal have made it increasingly uncertain whether Prometheus will arrive on the island. Furthermore, certification challenges in Malaysia, where the vessel is undergoing reconstruction and repairs, have further complicated the situation.

Despite these setbacks, the companies that have informally expressed interest in the unit appear willing to use it even before Prometheus reaches its final destination. However, for this to materialize, the Cyprus Natural Gas Infrastructure Company (ETYFA), a subsidiary of the Natural Gas Public Company (DEFA), must, in collaboration with the Ministry of Energy, initiate a tender process to select the company that will operate the unit. The selection process is expected to conclude approximately three weeks after the announcement is published in the official government gazette.

Reports indicate that the Prometheus is struggling to secure certification as an FSRU, as the Malaysian facilities and terminals do not meet its technical specifications.

EGAS (Egyptian Natural Gas Holding Company)

EGAS was established to oversee and manage all natural gas-related activities in Egypt. Its operations include exploration, drilling, production development, and various gas-related activities such as processing, transportation, domestic distribution, marketing, liquefaction, and terminal infrastructure.

ADNOC (Abu Dhabi National Oil Company)

Founded in 1971 and fully owned by the Government of Abu Dhabi, ADNOC is a diversified energy company recognized as one of the world’s leading producers of low-carbon-intensity oil and natural gas. The company has also expanded its investments in clean energy, strengthening its position as a reliable global energy supplier.

Excelerate Energy

Excelerate Energy, a U.S.-based leader in FSRUs and LNG downstream infrastructure, operates the largest fleet in the industry, comprising 11 FSRUs, including an advanced newbuild set for delivery in 2026. The company collaborates with the Albanian government and plans to use Albania as a strategic hub for distributing natural gas and its derivatives across the region. Furthermore, Excelerate Energy has expressed interest in deploying floating power generation units in Albania, enabling electricity production, increased output, and expanded exports. The company is also working with ExxonMobil on a liquefied natural gas-to-power conversion project in Vlora.