"Prometheus" FSRU to begin its journey from Shanghai in December, Minister says

Minister of Energy, Commerce and Industry George Papanastasiou, has said that the Floating storage and regasification unit (FSRU) "Prometheus" is expected to sail from Shanghai in early December, adding that depending on the destination that will be selected, it will take 20-45 days to arrive.

"It is expected, based on the planning, that it will begin its journey from Shanghai in early December towards its destination, and depending on the destination, the journey will last between 20-45 days", the Minister said, noting that a destination is currently being selected, with the aim of certifying the unit and putting it into use, so that it does not remain unused, until the facilities in the Vasiliko liquefied natural gas terminal are completed.

Addressing the General Assembly of the Nicosia Chamber of Commerce and Industry on 13 November, the Minister referred to the Government's priorities in the electricity sector, which are based on three pillars. The first pillar, he said, is the faster import of natural gas, which will be achieved with the arrival of liquefied natural gas and the completion of the infrastructure in Vasiliko terminal, including the floating unit. The second pillar, he said, concerns the increase in the contribution of Renewable Energy Sources (RES) to the energy mix and the opening of the competitive electricity market, which will enter a trial period early this year for six months. "We should enter the competitive market in July 2025," he said. The third pillar, the Minister said, is the electrical interconnections, which will end Cyprus' energy isolation, provide security of supply and help increase RES.

The Minister also referred to the government policy to create a branding that will differentiate Cyprus from other competitive markets in specific products and services.

The Ministry of Commerce, he said, will be part of this promotion and together with the Cyprus Chamber of Commerce and Industry and the Chambers of Commerce and Industry they will promote specific products and services.

He explained that missions abroad will be well prepared and that they will promote these specific products and services related to the Cypriot branding. The brand name, he said, will be "Cyprus made."

The Minister also said that the joint efforts of the state and the private sector in recent years to increase exports of Cypriot products and services are yielding results.

"In 2023, exports of services reached 22.3 billion euro compared to 12.5 billion in 2018. Exports of domestic products increased by 42% in 2023 compared to 2022, from 1.7 billion to 2.4 billion," he noted.

Papanastasiou pointed out that the upward trend continues this year, and that the January-July 2024 figures record a 4% increase in domestic exports compared to the corresponding period last year, reaching 1.22 billion from 1.18 billion.

Furthermore, the Minister said that the Government is actively supporting entrepreneurship, adding that the Ministry of Energy, Commerce and Industry is implementing policies that include, among others, targeted grant schemes with a total budget of 363 million euro.

He said that 226 million euro were secured within the framework of the Cohesion Policy Programme “THALIA” for the 2021-2027 programming period, while the remaining 137 million euro are financed by the Recovery and Resilience Facility and the new REPowerEU Plan.

(Source: CNA)