No official announcements after Christodoulides-Chinese Ambassador Vasiliko terminal meeting

The meeting between President Nikos Christodoulides, with the Chinese Ambassador, Liu Yantao, regarding the differences between the Republic of Cyprus and the Chinese consortium CPP-METRON CONSORTIUM LTD (CMC) lasted two hours on the afternoon of 20 May.

The Minister of Energy, George Papanastasiou, also participated in the meeting, after which no statements were made.

InBusinessNews contacted the Minister of Energy who, when asked about the content of the meeting at the Presidential Palace, clarified that in light of the ongoing legal proceedings at the London Arbitration Court, there would not be any public statements.

It is recalled that the Republic of Cyprus is in arbitration in London with the CPP Metron company that undertook the construction of the land terminal in Vassiliko.

CPP has submitted a request to the Arbitration Court for additional damages from the Republic of Cyprus amounting to €200 million.

On the afternoon of 20 May, in yet another diplomatic effort, this time to find common ground that will allow the project to proceed, President Christodoulides had a meeting at the Presidential Palace with the Chinese Ambassador to our island, Liu Yantao.

Although after the meeting it was deemed appropriate not to make any announcements on its substantive content, InBusinessNews sources suggested that the Cypriot side reminded the Chinese Ambassador of the not-so-distant assurances given by the consortium on the completion of the project before the end of the year and that the President’s own intervention had been requested, in order for the CPP to review, even now, the anything but constructive attitude it has been maintaining.

It is emphasised in this regard that despite any problems that have arisen along the way, the completion of the terminal - in one way or another - is the only way forward for Cyprus, as it will mark the country's transition - for electricity generation purposes - from oil to natural gas.

This is something that without a doubt is the only way to reduce the cost of electricity in our country through exemption, among other things, from the exhausting fines imposed on it by the EU for pollutants due to the combustion of fuel oil.

It is recalled that the construction of the terminal was assigned to the CPP consortium in December 2019, following a relevant tender that had preceded it, with the path to its implementation, however, appearing from the beginning to be paved with thorns, rather than roses...

(Source: InBusinessNews)