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Papanastasiou: The contract with CPP for the terminal is terminated as soon as ‘Prometheus’ is delivered to Cyprus

Cyprus’ Natural Gas Infrastructure Company (ETYFA) and the CPP consortium are headed towards the final and conclusive solution of their cooperation on the construction of the natural gas terminal in Vassilikos, with the ‘divorce papers’ to be signed after the ship ‘Prometheus’ --including the floating unit-- is delivered to Cyprus.

Energy Minister George Papanastasiou made the announcement in Parliament, during a session of the House Trade Committee.

In an off-agenda discussion on the liquefied natural gas terminal, and asked if there are any developments that Parliament should be aware of, Papanastasiou stated that, "there is intense consultation, almost on a daily basis, between ETYFA and CPP," noting that an ending accepted by the parties appears to have been reached.

"They have mainly concluded that they are ending the relationship at the same time the ship is delivered as is", he explained, underlining that "the ship is ready as a liquefied natural gas carrier."

"The classification is OK, under conditions, for it to sail to Cyprus," he added, indicating that "the second certification for gasification of liquefied natural gas cannot be given while the ship is in Shanghai."

ETYFA, he continued, "expects the ship to sail as soon as possible, perhaps in the next few days" and "at the same time to terminate the contract."

According to the Minister of Energy, this solution is accepted by both parties and therefore, planning is being done to complete the terminal “by other means."

"The terminal was supposed to be delivered in September but the company is trying to abdicate its responsibilities," he added.

We are back to Plan A

Asked if there is a Plan B for the completion of the terminal, Papanastasiou said that "there is no Plan B because Plan B is now Plan A," noting that "we have moved on to other plans".

"The difference is there are clauses that survive a termination and if those clauses can't complete the terminal, a new contractor will be found to complete it," he pointed out.

(Source: InBusinessNews)

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