LNG

Dec 16 (LNGJ) - The Cypriot Government said a Chinese-led consortium had entered into a 290 million euros ($323M) contract with the Cyprus Natural Gas Infrastructure Co. (Etifa) to develop the first LNG import terminal for the Greek-speaking part of the Mediterranean island. The consortium is led by China Petroleum Pipeline Engineering and also includes Hudong-Zhonghua Shipbuilding, Greek company Metron and Norwegian firm Wilhelmsen Ship Management.

   The LNG terminal, which will include a floating storage and regasification unit (FSRU), is expected to be completed by the end of 2021 or early 2022. The project has secured 101M euros in grants from the European Union under the Connecting Europe Facility (CEF), while the Cyprus Electricity Authority will contribute 43M euros to have a 30 percent stake in the project.