Cyprus has a big problem with its new LNG terminal. The project is in Vasiliko. It has many difficulties. There are money problems. The EU might stop giving money. Also, there are investigations.
The Energy Minister said the project is in a long crisis. We do not know when it will finish. The cost is also unknown. Bad planning is the main reason.
A contract was given to a Chinese group. This group had no experience. They left the project in July. The EU wants back €67 million.
The European Prosecutors are looking into the terminal. They are checking for corruption. This makes people doubt state companies. Their work has not been good.
The government hired Technip to study problems. Etyfa is looking at the study. The government is talking with the UAE. But these talks are very early.
This failure will cost a lot of money. Taxpayers will pay more. Losing EU money is bad for Cyprus. People are unhappy. The project might be delayed for five more years.