In an international tendering process, a multinational consortium led by China Petroleum Pipeline Engineering Co Ltd (CPPEC) has been selected to design, construct and operate a new LNG import terminal at Vasilikos Bay near Limassol, Cyprus
The Natural Gas Public Company (DEFA) of Cyprus ranked the joint venture of CPPEC, Aktor and Metron, Hudong-Zhonghua Shipbuilding Co and Wilhelmsen Ship Management as the leading tenderer among three international bidders based on qualitative, quantitative and financial criteria.
The Chinese-led consortium will finalise the process by signing contracts in Nicosia with the Natural Gas Infrastructure Company of Cyprus.
The Chinese consortium beat a South Korea-Japan joint venture of Samsung C&T, Posco, Mitsui OSK Lines and Osaka Gas and a European team of Damco Energy, Enagas Services Solutions, GasLog LNG Services, Snam Spa and Terna.
Co-financed by a grant from the EU Connecting Europe Facility financing instrument, the LNG import terminal includes a floating storage regasification unit (FSRU), a jetty for mooring the FSRU, jetty-borne and onshore pipelines and facilities to supply natural gas to the Vasilikos power plant in Cyprus.
With an estimated cost of €500M (US$555M), the project has won EU support of €116M (US$128M).
DEFA chairman Dr Symeon Kassianides said, “We believe the future of the country is aligned with natural gas and we expect it to play a major role in the economic development of the country in years to come.”
The LNG import terminal in Cyprus will be commissioned in 2021.