Alpha News

Damianou before Parliament: Process of returning €67 million for Vasilikos underway

Published February 10, 2026, 12:34

The Minister of Energy, Commerce and Industry, Michalis Damianou, informed the Parliamentary Committee on Energy regarding the recovery of the €67 million grant from the European Commission for the Vasilikos LNG terminal. The recovery process is underway, with some amounts offset against other debts of the Republic of Cyprus and a portion already returned in cash. The Government prioritizes the completion of the project, seeking a new contractor through a competitive bidding process. The Minister emphasized that awarding the project to a new contractor is the priority, to continue the implementation of the terminal. Regarding the study by the French Technip, the Minister stated that it is being processed by ETYFA, which has the necessary expertise. The study will be submitted to Parliament if legally permissible. Proposals from other parties, including the United Arab Emirates, for the completion of the project are also being considered. Discussions with the Emirates are at an early stage, and no specific timelines have been set for the completion of the project due to its complexity.