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After months of delays linked to the Vasilikos scandal, Cyprus' Floating Storage and Regasification Unit (FSRU) 'Prometheus' is finally set to leave Shanghai in early December. Minister of Energy, Commerce, and Industry George Papanastasiou confirmed that the unit will start its journey towards Cyprus, with an expected travel time of 20 to 45 days, depending on its chosen route. The FSRU will soon undergo certification before being put into operation at the Vasiliko liquefied natural gas terminal, once the terminal facilities are completed.
The 'Prometheus' has faced significant setbacks after becoming embroiled in a scandal surrounding the Vasilikos terminal project. However, Papanastasiou expressed confidence that the unit’s deployment would help meet Cyprus' energy needs and advance the government's goal of reducing the country’s energy dependency.
The Minister also highlighted that the FSRU’s deployment is one piece of a broader plan to transform Cyprus’ energy sector. This includes speeding up the import of natural gas, increasing the contribution of renewable energy sources, and finalizing the opening of Cyprus' competitive electricity market by 2025. These efforts aim to ensure a more secure and sustainable energy future for the island.
In a speech at the General Assembly of the Nicosia Chamber of Commerce and Industry, Papanastasiou emphasized that these energy initiatives are part of the government's ongoing push to reduce Cyprus’ energy isolation, especially with the development of electrical interconnections with neighboring countries.
While the energy sector is a key focus, the Minister also discussed the government’s strategy to boost Cypriot exports through the launch of a “Cyprus Made” branding initiative. This move is designed to promote Cyprus as a distinctive and high-quality producer of goods and services on the global market.
Papanastasiou pointed to positive results in Cypriot exports, with a 42% rise in domestic product exports in 2023, and reported continued growth in exports this year. As part of this effort, the Ministry of Commerce, alongside the Cyprus Chamber of Commerce and Industry, will be organizing targeted trade missions to promote Cypriot products abroad.
These developments signal a new phase for Cyprus, as the long-awaited Prometheus FSRU sets sail and the country’s energy and export strategies move forward.
[With information from CNA]
