Challenges for Cyprus in Funding Recovery for LNG Terminal
October 29, 2024
The Ministry of Energy has been unsuccessful in convincing CINEA to retract the request for the return of 68.6 million euros allocated for the LNG terminal in Cyprus. European authorities identified irregularities in the bidding process for the contract awarded to a consortium, leading to the funding recovery decision. The government will attempt to persuade CINEA again with stronger arguments, but the chances are slim. This situation raises concerns about the project's funding and development.