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Energy Minister Giorgos Papanastasiou said efforts are underway to reach a conclusion on the entire issue of the voyage of the floating unit of the Vasiliko Gas Terminal project, noting that the negotiations are not easy.
“This was a difficult negotiation that linked the navigation of the floating installation with other solutions provided for in the remaining two parts of the terminal,” said the minister, who was present at the EAC’s 2023 annual report.
When asked about this, the minister said that the specific terminal has three parts, the most important of which is the floating unit for the implementation of LNG, while the other two parts are the land part of the terminal and the dock.
“We believe the latter two projects are easy to complete. They have completed 60 percent of the construction, and we believe we can complete the remaining 40 percent through some of our own means,” he said.
Regarding floating units, he said it was a bargain point at the moment.
“ETYFA has been focusing on taking over specific floating units as it constitutes 75% of the project,” he said.
Mr Papanastasiou said that currently the Natural Gas Infrastructure Company (ETYFA) and CPP are in consultation on leading the consortium for the construction and operation of the Vasiliko terminal.
“In terms of the outcome, there is nothing to announce. What is happening is that both sides are negotiating intensively to reach a solution,” he said.
He added that this solution was stipulated in two plans and two objectives agreed between ETYFA and the Ministry.
He explained that Plan A had always been to complete the terminal through the means available to a particular consortium, while Plan B was outside the scope of a particular contract.
He noted that consultations between the parties had produced no results and could easily end.
He added that both parties were aware of the difficulties in continuing to honour the contract.
“We see on our side that there is a terminal that is not completed and it requires multiple expansions to complete and the other side can’t seem to get it done and basically they want a solution for these delays that we have in the funding for the gas dehydration terminal operations,” he said.
As for the other party, he said it may also be aware of its weaknesses, which may be technical or even financial, “so it seems that the common direction is to seek a solution outside the specific contract”. He clarified that by citing a solution outside the contract, it is understood that the solution will not be fully described in the contract.
Source: KYPE
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