Symeon Kassianides said no extra cost to the €300 million project was expected because of the fallout of the coronavirus pandemic.

After years of failures to decide on the process of importing natural gas, Cyprus is still burning crude for power production, a fact that costs taxpayers in the form of emission charges.

Kassianides said the project would have many benefits, noting that the cost of failing to implement it would be high.

Carbon emissions tax used to be $10 per tonne five years ago, he said, and €63 currently. It is possible that it may reach €120, he added.

“So, if we continued to burn crude, what we pay on emissions today would have doubled.”

The project consists of a floating, storage and regasification Unit (Fsru vessel, currently at the dry dock at Cosco shipyard in Shanghai, China in preparation of its conversion), a jetty (offshore infrastructure) for the permanent berthing of the Fsru and an offshore/onshore natural gas pipeline and related onshore construction components.

The date for the completion of the project is expected by the end of year 2022.

Source: Cyprus Mail