Cyprus Times

Procedures Underway to Recover €67 Million from Commission for Terminal, Says Energy Minister

Published February 10, 2026, 12:13
Procedures Underway to Recover €67 Million from Commission for Terminal, Says Energy Minister

The Minister of Energy, Commerce and Industry, Michalis Damianou, informed the Parliamentary Committee on Energy regarding the procedures for recovering the 67 million euros granted as a subsidy by the European Commission for the liquefied natural gas terminal in Vasilikos. The recovery procedures are underway, with offsets made against other amounts owed by the Republic of Cyprus, and a portion of the amount has been returned in cash. The Government prioritizes the completion of the project, seeking a new contractor through a tender process. Regarding the study by the French Technip, the Minister stated that it is being processed by ETYFA, which has the necessary expertise. Discussions are also underway regarding the possibility of a company from the United Arab Emirates taking over the project, however, the discussion is at an early stage. A timeline for the completion of the project has not yet been established.