Earlier this year, numerous press articles and other media reported statements by ETYFA and the Government about the status and delays to CMC’s work. Until mid-March of this year, CMC had not taken part so as not to perpetuate a ‘trial by media’ that CMC considered harmful to the Vasilikos Project and the best interests of Cyprus. Instead, CMC kept silent for the good of the Project until it was eventually forced to defend itself against increasingly hostile press briefings by others. On 14 March, CMC confirmed publicly that ETYFA had not taken delivery of the vessel “ETYA Prometheas” – the FSRU and centerpiece of the Vasilikos Project – despite the vessel being ready since mid-January 2024.
Without breaching certain confidentiality obligations which CMC carefully observes, CMC can confirm that there has been no action on the part of ETYFA to take delivery and start using this critical national asset belonging to the Republic of Cyprus. It is
extremely surprising that ETYFA as the legal owner of the FSRU is not putting it to work. Even before the onshore and jetty works of the Vasilikos Project are ready, ETYFA could have been (and still could be) earning money by putting the vessel into commercial operation in the global energy market whether as an LNG Carrier or FSRU for another Project. ETYFA knows all this, but for reasons best known to ETYFA it has done nothing. The briefing below is substantially the same as CMC released to the media in mid-March 2024 as there has been no sign of urgency or forward movement on ETYFA’s part in the weeks since. On the contrary, it appears that ETYFA is now looking for reasons not to accept delivery of a vessel that is waiting for delivery and can be readied for operations with a modicum of effort on the part of ETYFA.
The Vessel: CMC is waiting to deliver the FSRU (the “ETYFA Prometheas”) to ETYFA and has already taken steps to achieve that.
The vessel is seaworthy. The vessel undertook over 2,000 nautical miles of sea and gas trials in one of the world’s busiest shipping lanes under the supervision of Lloyds Register, Schulte Marine Concept, Wilhelmsen Technical Vessel Managers, COSCO and even ETYFA representatives more than 8 months ago.
On 16 January 2024, Lloyds Register issued a “Statement of Readiness for Delivery” in favour of the vessel. This Statement was officially communicated to ETYFA. There was a handover ceremony at the shipyard in China in January 2024, to which ETYFA was timely and officially invited but did not attend. According to Lloyd’s Register there are no outstanding construction works preventing “ETYFA Prometheas” from sailing to Cyprus. There are, however, certain outstanding documentary steps that only ETYFA can do as the legal owner of the vessel.
Despite repeated requests from CMC to progress the delivery of the vessel to ETYFA, the vessel remains in Shanghai with ETYFA failing to accept it.
CMC has been trying to engage with ETYFA on various logistical (not contractual) matters for more than one year, regarding the completion and sailaway of the vessel to Cyprus, or wherever ETYFA wishes to send “ETYFA Prometheas”. ETYFA have chosen to ignore all requests relating to the practicalities of delivering the vessel. To that extent, the timing of the vessel’s arrival in Cyprus is in ETYFA’s hands and CMC cannot be responsible.
