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Vasiliko LNG Terminal Development Faces New Strategic Challenges

by THEFUTURE.TEAM

February 26, 2026

The completion of the liquefied natural gas (LNG) terminal upgrade in Vasiliko has become a key issue for Cyprus’ National Petroleum Company (ETYFA) and the Ministry of Energy, as authorities work to address delays and operational constraints tied to the project.

Completion Challenges And Operational Bottlenecks

One of the main challenges involves finalizing ongoing construction and technical work linked to the LNG terminal upgrade. Officials are managing delays while attempting to maintain energy supply stability and ensure the project remains aligned with long-term energy planning. The complexity of the infrastructure and regulatory requirements has added pressure to project timelines.

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Management Of The Prometheus Vessel

A second major issue concerns the Prometheus vessel, which was converted into a floating storage and regasification unit (FSRU) intended to support LNG operations in Cyprus.

Authorities are exploring options to test the vessel’s capabilities and potentially lease it as an interim solution before deployment in Cyprus. However, current European Commission rules restrict the use of the vessel for profit-generating operations at foreign terminals, as EU funding for its conversion was granted specifically to support Cyprus’ energy needs.

European Regulatory Constraints And Cyprus’ Strategy

Cyprus is seeking regulatory clarity from the European Commission regarding future use of the vessel. Although the project initially received €101 million in EU funding, earlier procedural issues resulted in partial repayment, with approximately €68 million returned from €71 million already disbursed.

Officials argue that the project has since relied largely on domestic financing and loans from institutions including the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). They say greater flexibility in using the vessel could help reduce operational costs while preserving asset readiness.

Successful Conversions And Future Implications

Government sources say technical modifications to the Prometheus have been completed, and the vessel is currently moored at the Kuala Linggi Base in Malaysia under the management of Norwegian firm Wilhelmsen.

The main unresolved issue remains regulatory approval, as prolonged inactivity could increase costs and delay the broader LNG strategy tied to Cyprus’ energy transition.

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Google Cloud Outage Disrupts Banking And Digital Services Across The UK

by THEFUTURE.TEAM

October 20, 2026

A power outage at a Google Cloud data centre near London disrupted services across the UK on Tuesday, affecting banks, businesses and other digital platforms. Google said the incident was caused by a power event at its cloud operations, with full recovery expected by around 1300 GMT.

The disruption began at 0608 GMT and affected Google Cloud services in the europe-west2 region, which is hosted in London. In an initial update, the company reported elevated error rates and intermittent network failures across multiple services as engineers worked to restore operations.

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Banking Services Hit By The Disruption

Revolut was among the most visibly affected companies, with customers reporting problems with ATM withdrawals, bank transfers and card top-ups. A source close to the matter linked the issues to the Google Cloud outage.

Traditional banks also reported disruptions. Lloyds said some customers were experiencing problems with its app and online banking, while HSBC confirmed difficulties accessing its services. HSBC added that it was monitoring the situation and noted that other organisations were affected as well.

Disruption Spreads Beyond Finance

Downdetector, which tracks online service disruptions, recorded hundreds of reports involving other businesses, including property website Rightmove and the Royal Mail postal service. The reports suggested that the outage was affecting multiple parts of the UK’s digital economy.

The incident highlights the risks facing businesses that depend on shared cloud infrastructure. Even a temporary failure at a single provider can disrupt services across several sectors, from banking and payments to logistics and consumer platforms.

Companies Reassure Customers

Revolut said it had been working to resolve the issue since it was identified and apologised to affected customers. The company also confirmed that customers’ money and data remained safe.

As cloud platforms underpin an increasing share of digital commerce, the outage illustrates how disruptions to critical infrastructure can spread far beyond the provider itself, affecting businesses and customers across the economy.