Cyprus Seeks New Contractor for Vasiliko LNG Terminal Amid Cost and Risk Concerns

Eight firms have shown interest in Etyfa’s €180 million tender to finish the Vasiliko LNG import terminal, a project that has stalled for years. The pre‑qualification rules require a minimum €300 million annual turnover, two large natural‑gas EPC projects in the last decade, and two marine projects, including one over €50 million. Critics argue the thresholds are too low for a complex terminal that will inherit unfinished facilities, incomplete documentation and potential material deterioration. Etyfa must evaluate bidders on technical credibility, LNG experience and commissioning track record, not just price. The contract is slated for award before summer 2027, with construction expected to start in late 2027. Total spending could reach €480 million, and unresolved arbitration and state guarantees add fiscal risk. The outcome will determine when Cyprus can secure reliable gas supplies for its power sector.