Politis

Ministry of Energy Working to Recover €67 Million for Terminal Project

Published February 10, 2026, 14:31
Ministry of Energy Working to Recover €67 Million for Terminal Project

The Minister of Energy, Commerce and Industry, Michalis Damianou, informed the Parliamentary Committee on Energy regarding the procedures for recovering €67 million that had been granted as a subsidy by the European Commission for the LNG terminal in Vasilikos. The recovery procedures are underway and some amounts have already been offset with other funds of the Republic of Cyprus, as well as a partial return of the amount in cash. The Government prioritizes the completion of the project, seeking a new contractor through a competitive process. At the same time, the possibility of cooperation with a company from the United Arab Emirates to complete the project is being considered.