Norway firm wins Cyprus energy deal

The Cyprus Energy Regulatory Authority (CERA) has granted a licence to the Norwegian consortium Golar Energy to construct and operate a floating unit at the Vassiliko area that will operate with natural gas. The floating unit’s production capacity would reach 240MW, which represents 30% of the current production capacity of the Electricity Authority of Cyprus (EAC).

Press reports also stipulate that 18-24 months following the granting of licence, the floating unit will be in a position to supply electricity to all Cypriot networks. The most important construction works planned are for the reception, regasification, and storage of Liquefied Natural Gas (LNG) and the reserve tanks for the liquid fuel. The construction project will be done on a BOO (Built – Operate – Ownership) basis. The government’s target is to ensure completion of the energy center by 2009.