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Vassiliko Terminal: London Court of International Arbitration reserves its decision on guarantees

13:04 - 05 September 2024

Economy Reporter

The London Court of International Arbitration has reserved its decision on the CMC consortium's request for non-liquidation of guarantees worth €69 million from the Natural Gas Infrastructure Company (ETYFA) following the termination of the Vasiliko Terminal contract by the Chinese consortium.

ETYFA is a subsidiary of the Natural Gas Public Company (DEFA).

As the Cyprus News Agency has been informed and reported, the two sides submitted their positions and arguments and the Court reserved its decision, which is expected in the near future.

On 18 July, the CPP-Metron Consortium Ltd (CMC) announced that it was terminating the contract for the construction of the liquefied natural gas terminal in Vassiliko and appealed to the Court of Arbitration, essentially requesting the freezing of the liquidation of the guarantees, as well as additional compensations from ETYFA.

Also read: ETYFA to hire technical consultant for Vassiliko terminal

Also read: CMC terminates Vasilikos LNG terminal contract

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