Chinese authorities have finally allowed the Prometheus, owned by the Cyprus-based Natural Gas Public Company (ETYFA), to leave Shanghai.
The floating liquefied natural gas (LNG) tanker was recently sent to Singapore, from where it will most likely be taken to a port in Greece to obtain an international gas transport certificate. Alternatively, it may be sent to Asian countries for approval.
As a reminder, the contract for the construction of the liquefied natural gas (LNG) terminal at Vasiliko between the Cyprus government and the international consortium CPP-Metron (CMC) was signed in December 2019. The groundbreaking ceremony will take place on 9 July 2020 with the participation of former Cypriot President Nicos Anastasiades.
The project includes a floating storage and regasification unit, a berth for mooring the floating unit, isothermal gas storage tanks, an evaporation plant and an onshore pipeline. The idea was to import natural gas to Cyprus in liquefied form, convert it to gaseous form (regasified) in LNG and then use it to run power plants.
The terminal was originally due to be completed by the end of 2021, but this was pushed back to the end of 2022 and the beginning of 2023. In the end, no one could give an exact completion date for the facility. And in July 2024, the contractor announced the suspension of the project. According to media reports, tensions arose between the state-owned Natural Gas Infrastructure Company (ETYFA) and the Chinese consortium CPP-Metron (CMC) over the lack of clear deadlines for the construction of the LNG terminal and problems with the shipment of a floating regasification unit from Shanghai to Cyprus.
Negotiations continued until 18 July, when the contractor announced its withdrawal from the project. The company accused the Cypriot side of non-payment of contractual fees and criticised the inexperience of the Cypriot side and the consultants hired by it. After lengthy negotiations, the Chinese authorities agreed to hand over the Prometheus to Cyprus.