Cyprus is set to welcome two experts soon, aiming to provide their expertise to the government to advance the Vasiliko terminal project without further delays. According to Brief's sources, the government has selected two individuals from Europe for this task. Their arrival on the island is expected by late April, if all goes according to plan.

These sources indicate that the two European experts, experienced in handling projects with challenges and delays, will oversee the contractor's work at Vasiliko alongside the Project Monitoring Authority, established following a recommendation by the Minister of Energy, George Papanastasiou.

Furthermore, these individuals will reside within the Vasiliko area - arrangements for their accommodation appear to have already been made - and they will stay in Cyprus until the project's completion.

Following an agreement with the contractor to resume work on Vasiliko's terrestrial infrastructure, the Ministry of Energy expects work to intensify in April, coinciding with the arrival of 120 technicians from China.

For this reason, the Ministry of Energy, in cooperation with the Ministry of Foreign Affairs, is expediting the visa process for the 120 personnel requested by the contractor, who possess the necessary expertise to complete the project.

It is important to recall that the consortium in charge of developing the terminal has already terminated its agreement with a subcontractor in Cyprus.

Meanwhile, DEFA, the Natural Gas Public Company, awaits an updated work schedule from the contractor.

Brief learns that this revised schedule will be submitted to DEFA within the next two weeks.

Subsequently, DEFA will review this revised program to ascertain its feasibility and whether the project completion timelines can be met, especially given the risk of losing a portion of the European grant if the project is not completed by 2024.

It's also noteworthy that Marios Menelaou, General Director of DEFA, speaking before the Parliamentary Committee on Commerce, mentioned that the project is 80% complete, with the liquefaction rate of the Floating Storage Regasification Unit (FSRU) at 97%, while the terrestrial infrastructure is 50% complete.

The agreement for the €101 million European grant initially required the project's completion by 2022. This was later extended to 2023 and then again to the end of 2024, with DEFA noting that no further extension would be granted.

It's worth reminding that the contractor had halted construction work, attributing the delays to DEFA and simultaneously seeking €200 million in compensation. The issue is currently under mediation.

However, with the involvement of the Minister of Energy, George Papanastasiou, and after a lengthy meeting last Friday (16/3) with the representative of the Chinese consortium responsible for the terminal project, an agreement was reached to restart the construction work.