Thursday, April 2, 2020

Oslo-based company applies to bring LNG to Cyprus from 2021 - CYPRUS MAIL

April 2, 2020
Elias Hazou

An Oslo-based company has formally applied to bring liquefied natural gas (LNG) to Cyprus starting in the first half of 2021.

In a press release, Höegh LNG Holdings Ltd said its subsidiary, Höegh LNG Ltd, has applied for an LNG infrastructure ownership, operations and development licence in Cyprus.

Their proposal entails the use of a floating, regasification and storage unit (FSRU).

“The plan consists of using one of Höegh LNG’s Fsru’s as a fast track solution for the required fuel switching, thereby reducing air emissions, cutting EU emission taxes, enabling savings on fuel costs and reducing electricity price per KWh for local consumers,” the company said.

“The FSRU can stay on location as a bridging solution or for an extended period serving different customers on Cyprus as well as bulk breaking and delivering LNG to other customers in the Mediterranean.”

Höegh LNG said it is working together with VTT Vasiliko Ltd and H4E GasFuel Ltd.

VTTV owns an existing jetty in the Vasilikos Port, in close proximity to the Vasilikos power plant, that can be adapted for the FSRU terminal.

“Subject to the licence being granted, Höegh LNG expects to be able to start LNG import operations during H1 2021.”

The Norwegian firm owns the largest, most modern FSRU fleet in the market, with 10 FSRU’s currently in operation.