Project Profile
Value: US$1,000 million
Location: Vasilikos, south coast of Cyprus
The Energy Centre will be built on the south coast of Cyprus, at a distance of 25Km east of Limassol, in the area formerly occupied by the Hellenic Chemical Industries fertiliser manufacturing facility. This area was considered as the most appropriate for the erection of storage and distribution facilities for petroleum products, as well as for the establishment of a receiving and storage terminal for LNG, due to its location and nature. Initially, natural gas will be mainly used by the nearby Power Station of the Electricity Authority of Cyprus (EAC) for power generation; hence the site chosen for locating the Energy Centre borders the aforesaid Power Station.
The terminal has been delayed due to the lack of activity in the country. However, Cyprus is determined to pursue its exploration activities, with ENI and Total undertaking exploratory works off the island’s coast in 2015; exporting gas via Egypt has replaced Cyprus’ onshore LNG terminal as the island’s top priority for the monetisation of its riches; Cyprus is determined to engage in a positive and constructive dialogue with all regional players to optimise the development of offshore resources.
FSRU Option
In light of the latest disappointing exploratory drilling off Cyprus, the government intends to install a floating storage and regasification unit (FSRU) at Vasilikos on the island\'s southern coast. State-owned Natural Gas Public Company (Defa) is overseeing the project. (September, 2017)
Operators:
Korea Gas Corporation (KOGAS)
ENI
Total E&P