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Paving the way for LNG bunkering in Cyprus

A technical workshop was organised by the EU co-funded project Poseidon Med II on the afternoon of 10th November during the EMC 2021 Conference and Exhibition, in Nicosia. This was an onsite live event aiming at disseminating the Action’s milestones while presenting the synergies in the gas sector that Poseidon Med II has fostered on the island and the wider Eastern Mediterranean area.

With more than 40 registered attendees, the event was opened by Ms Eliana Charalambous Tanos, Acting Permanent Secretary to Mr Vassilis Demetriades, Shipping Deputy Minister to the President. At her speech she underlined the strategic importance of LNG to Cyprus while explicit reference was made to the Fit for 55 EU package and the framework currently being shaped by the regulators on decarbonization and climate change.

Mr G.Polychroniou, Executive Director, Strategy & Business Development at DEPA COMMERCIAL SA addressed the audience afterwards with an introductory note on what the project has achieved to date, also expressing the view that LNG is not a transitional fuel but rather a viable option that will strengthen the position of East Med in the pathway towards a low carbon economy.

Mr N.Argyrou, General Manager from Bunkernet undertook the role of Moderator giving the floor to 4 highly respected panelists, to position themselves on the future energy prospects of Cyprus by answering a series of questions.

Dr.Solomonidis, Chairman of the BoD at Rogan Associates shared in his presentation the project’s activities from the side of infrastructure with a primary focus on the new LNG bunkering position at Vassiliko terminal. He also commented on the contribution of PMED II towards the readiness of the infrastructure in Vassilikos to receive LNG, but also on the next steps required to promote LNG as a marine fuel on the island.

Dr.Kassianides, Chairman at Cyprus Gas Public Company (DEFA) confirmed that bunkering is certainly a priority for DEFA and they shall invest in relevant functions in the near future. As regards to the gas reserves found, Dr.Kassianides supported that quantities are still small to monetize the reserves but did not exclude any of the future scenarios if the market conditions are positive.

Mr M.Demetriades, Non-Executive Director at Fameline Holding Group commented on the new project of Navigas under the Fameline Group called ‘BlueHubs’ and expressed the firm commitment of the Group to stay close to the party building the LNG terminal. He also pinpointed that Cyprus is a big ship management centre.

Mr Zacharias Siokouros, CEO at the Cyprus Marine & Maritime Institute (CMMI) concluded the panel discussion with an insight on the current and future projects that the Institute is involved to support the energy vision of Cyprus. A flagship initiative is the establishment of the Cyprus Decarbonisation Hub to foster new collaborations and research on alternative fuels and technology advancements in shipping.