Cabinet revokes decision on natural gas import

The Council of Ministers has revoked an earlier decision regarding natural gas import and the construction of a floating platform. Minister of Commerce, Industry and Tourism Antonis Paschalides said after Wednesday's Cabinet meeting that ''anything that has to do with the floating unit has been withdrawn.''
According to Paschalides, the Council of Ministers decided that two terminals will be constructed at the energy centre to be created at Vassiliko, on the south coast, one for oil and one for natural gas.
Furthermore, the Cabinet decided that the Cyprus Electricity Authority will be participating in the Public Natural Gas Business with 44%, while the remaining 56% will belong to the state.
''This means that the state, if and when needed, will have the margin to transfer or sell part of the percentage it holds to a strategic investor,'' the Minister pointed out.
It was also decided that a Project Manager be appointed immediately in order to advise on the course of the project.
The oil terminal will be ready in two years from the day the contracts are signed, while the natural gas terminal will take four-and-a-half years from the signing of the contracts and, according to Paschalides, the government will do everything possible to meet these deadlines.
He added that ''this is the largest infrastructure project ever to be carried out in Cyprus.'' Referring to the cost, Pachalides said the oil terminal will require an expenditure of 400 million euro, while the natural gas terminal will need up to 700 million euro.