Specifically, the deal - announced back in August -  was signed between Natural Gas Infrastructure Company (ETIFA), a subsidiary of the Natural Gas Public Company (DEFA), and the multinational consortium made up of JV China Petroleum Pipeline Engineering Co.,Ltd., Hudong-Zhonghua Shipbuilding Co., Ltd., Greece’s METRON S.A. and Norway’s Wilhelmsen Ship Management Ltd.

The terminal which will be mainly used for electricity generation by the state-owned Electricity Authority of Cyprus, will consist of a floating storage and regasification unit (FSRU) a jetty for mooring the FSRU, a jetty-borne gas pipeline and related infrastructure.

In the meantime, DEFA issued a tender for LNG supply, seeking to attract interest from 25 companies.

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According to the statement, the EU will provide a 101-million-euro grant, with Cyprus Electricity Authority contributing 43 million euros. The remaining cost for the project's development will be provided by international lenders, such as the European Investment Bank and the European Bank for Reconstruction and Development.

Moreover, during the signing ceremony, Energy Minister Yiorgos Lakkotrypis commented that with the use of natural gas Cyprus' environment will decrease its negative impact to the environment by 25-30%, whereas electricity cost savings will range between 15-25% in the 2022-2025 period.

Concluding, Duan Bingquan, deputy managing director of China Petroleum Pipeline Engineering, stated it was a great honor for the corporation to partner with the consortium participants “for this significant project that ushers Cyprus in the natural gas era.”