The Parliamentary Energy Committee will discuss the progress of the Liquefied Natural Gas (LNG) import terminal at Vasilikos and the Cyprus-Greece-Israel electric interconnection via the Great Sea Interconnector submarine cable on Tuesday morning, in the presence of Minister of Energy, Commerce, and Industry George Papanastasiou.

Regarding the terminal at Vasilikos, Mr. Papanastasiou stated in early June that contacts between the involved parties, as well as his own diplomatic and political contacts with the Chinese Ambassador, suggest there is "some light on the horizon" for the Vasilikos terminal.

The Republic of Cyprus is currently in arbitration in London with the Chinese company CPP Metron, which was contracted to build the onshore terminal at Vasilikos. CPP has filed a claim with the Arbitration Court for additional compensation from the Republic of Cyprus amounting to €200 million.

Concerning the Great Sea Interconnector, the results of the cost-benefit analysis conducted by the Independent Power Transmission Operator (IPTO), which is implementing the "Great Sea Interconnector" electric link, were presented on June 4 by IPTO President and CEO Manousos Manousakis to the Minister of Energy and technical experts from the Ministries of Energy and Finance.

The construction cost of the project is estimated at €1.9 billion. 

The Energy Committee meeting will be attended by the Director General of the Ministry of Finance, the president of the Cyprus Energy Regulatory Authority, the chairman of the Cyprus Electricity Authority Board, the President and Director General of the Natural Gas Public Company and the Natural Gas Infrastructure Company, as well as representatives of the Cyprus Transmission System Operator and the Distribution System Operator.