Chinese-led construction firm CPP-Metron Consortium (CMC) has announced that the Vasiliko liquified natural gas (LNG) project in the island of Lefkada, Greece, has been terminated.
Cyprus’s Energy Minister George Papanastasiou told the Cyprus Mail that: ‘the one-sided termination of the agreement from the Chinese consortium will be studied.’
In 2019, the contract awarded had a 24 month completion deadline. The termination comes after months of issues and disputes. Earlier in the month, Papanastasiou said that the contract was heading towards termination.
CMC says: ‘the position has become untenable. Contrary to the promises that were made by the [energy] minister in March, CMC has still not received any payment whatsoever for its work in 2024.’
