European Commission to fund major LNG project in Greece - RIVIERA NEWS

22 Jun 2021

The European Commission (EC) will provide €166.7M (US$198M) for the construction of a new LNG terminal in Alexandroupolis, Greece

Funding for the project, which is expected to improve security of supply for Greece and the wider southeastern European region, was approved under the EU’s state aid rules.

Commenting on the EC’s decision, executive vice-president Margrethe Vestager said “The new LNG terminal in Alexandroupolis will improve gas supply and infrastructure not only in Greece, but in the whole southeastern European region. This will contribute to achieving the EU’s goals in terms of security and diversification of energy supply. The Greek support measure limits the aid to what is necessary to make the project happen and sufficient safeguards will be in place to ensure that potential competition distortions are minimised.”

The Greek State will finance the project using European Structural and Investment Funds and support will take the form of a direct grant amounting to €166.7M (US$198M).

Cyprus seeks EUR 150 mln EIB financing for Nat gas infrastructure - FINANCIAL MIRROR

19 March, 2019

Cyprus is in talks with the European Investment Bank (EIB) for over a €150 mln in financing for the construction of infrastructure to transport natural gas to the island, said Finance Minister Harris Georgiades.

EIB President Werner Hoyer appeared optimistic that the credit institution will be able to take part in the project.

“From 2013 until today we have signed financing agreements of a value of €1.5 billion,” the Finance Minister said at a Nicosia press conference Monday.

“Half of that amount is aimed at small and medium size enterprises through Cypriot banks, this has contributed in a decisive way to the Cypriot economy’s recovery,” he added.

The government aims to maintain and expand on financing programmes for small and medium size enterprises.

ENI-KOGAS drilling set to begin off Cyprus this week, says minister | Famagusta Gazette

ENI-KOGAS drilling set to begin off Cyprus this week, says minister

He noted that efforts are made to reduce the cost of the fuel used for electricity production, through the interim solution of natural gas supply to Cyprus.

FAMAGUSTA GAZETTE • Tuesday, 23 September, 2014

Drilling operations by the ENI-KOGAS joint venture in blocks 2,3 and 9, in Cyprus` Exclusive Economic Zone (EEZ) will begin within the next few days, Energy, Commerce, Industry and Tourism Minister Yiorgos Lakkotrypis said on Monday, addressing a meeting of Larnaca Commerce and Industry Chamber.

Lakkotrypis also said that the use of Larnaca port to provide facilities to these operations does not hamper the intended development of the town`s marina.

He noted that efforts are made to reduce the cost of the fuel used for electricity production, through the interim solution of natural gas supply to Cyprus.

Moreover, he added, “we intensify our efforts to promote Renewable Energy Sources and Energy Saving, mainly by implementing projects and schemes for subsidies through EU funds ear-marked for the period 2014-2020.”

The minister said that the decision taken by the Council of Ministers in July 2014 to move the petroleum and gas installations away from Larnaca is extremely important, as this has been a long-standing demand of Larnaca Municipality.

Referring to further development and modernization of Cypriot enterprises, Lakkotrypis said that the ministry has included a scheme for the promotion of e-commernce in the schemes for the 2014-2020 programme period.

He said a total of 3.4 million euro will be disbursed during this period, and the Scheme that will be officially endorsed by the beginning of 2015 will be co-funded by the Republic of Cyprus and the EU Regional Development Fund.

Furthermore Lakkotrypis said it was very important that Schemes aiming to boost Business Innovation, amounting to 30 million euro, will also be promoted in the framework of the 2014-2020 Structural Funds.

He noted that the first of these Schemes, amounting to 10 million euros, will be announced in October and the rest during the first six months of 2015.
 — (KYPE)

Link to source: http://famagusta-gazette.com/enikogas-drilling-set-to-begin-off-cyprus-this-week-says-minister-p25679-69.htm