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"biggest ever energy project" in Cyprus: president

Xinhua News,NICOSIA
2020-07-10 04:35

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NICOSIA, July 9 (Xinhua) -- Liquid Natural Gas (LNG) installations currently being constructed by a Chinese company is the biggest energy project ever undertaken in Cyprus, President Nicos Anastasiades said on Thursday.

Speaking at a foundation laying ceremony at Vasilikos Energy Park on the south shores of Cyprus, Anastasiades said the LNG Terminal puts Cyprus on the track of a new energy era, which opens new prospects for the development of the economy and the welfare of the country and the people.

"I would say that this day is a really historic landmark, since it officially marks the materialization of an ambitious project of strategic importance and of national dimensions," Anastasiades said.

The 289 million-euro (326 million U.S. dollars) project is being constructed by a joint venture comprising China Petroleum Pipeline Engineering, a subsidiary of China National Petroleum Corporation (CNPC), and Greece's METRON S.A.

Another Chinese company, Hudong-Zhonghua Shipbuilding was awarded the management of the project, in association with Wilhelmsen Ship Management of Norway.

The foundation laying ceremony was held in the presence of Chinese Ambassador Huang Xingyuan.

Anastasiades said that the LNG project has received total support from European Union (EU) institutions, which was reflected by the fact that the cost will be covered either through direct financing by EU amount to 101 million euros (114 million U.S. dollars) or through lending by EU financial institutions.

Anastasiades said he would follow closely the progress of the project, as he would like to inaugurate the terminal before the end of his second and last five-year presidential term in 2023.

He said that the operation of the LNG terminal will reduce environmental emissions by 30 percent, sparing Cyprus a considerable amount paid in EU fines. It will also result in savings in electricity production costs of between 15 and 25 percent.
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