Economy category powered by

Vassiliko Terminal: London Court of International Arbitration reserves its decision on guarantees

The London Court of International Arbitration has reserved its decision on the CMC consortium's request for non-liquidation of guarantees worth €69 million from the Natural Gas Infrastructure Company (ETYFA) following the termination of the Vasiliko Terminal contract by the Chinese consortium.

ETYFA is a subsidiary of the Natural Gas Public Company (DEFA).

As the Cyprus News Agency has been informed and reported, the two sides submitted their positions and arguments and the Court reserved its decision, which is expected in the near future.

On 18 July, the CPP-Metron Consortium Ltd (CMC) announced that it was terminating the contract for the construction of the liquefied natural gas terminal in Vassiliko and appealed to the Court of Arbitration, essentially requesting the freezing of the liquidation of the guarantees, as well as additional compensations from ETYFA.

Also read: ETYFA to hire technical consultant for Vassiliko terminal

Also read: CMC terminates Vasilikos LNG terminal contract

Read More

Tourist arrivals record annual increase of 13.7% in May 2025
Broad public sector employment shows annual increase of 1.7% in first quarter of 2025
Bounced cheques at €62,164 in May after decreasing to €22,860 in April
EU FMs to discuss situation in Middle East via teleconference
Ηourly labour costs increased by 4.8% in first quarter of 2025
Ashish Chauhan: The collaboration between NSE IX and CSE will help wealth creation and job creation in both countries
Number of job vacancies in first quarter of 2025 reached 13,524
Cyprus and India stock exchange officials agree to enhance cooperation
Narendra Modi reveals five-year roadmap to boost Cyprus-India defence and security cooperation (pics)
Mastering the New Rules of Digital Marketing