European Commission Seeks Refund From Cyprus Over Vasiliko LNG Project Funding

In a significant financial and political development, the European Commission (EC) has demanded a refund of €68.6 million from Cyprus, a sum previously allocated for the Vasiliko liquefied natural gas (LNG) terminal project. The EC’s claim follows concerns over irregularities during the tender evaluation process and subsequent contract awarding to a consortium.

Irregularities and Contract Issues

The EC’s request centers around two primary violations: first, the criteria used in awarding the tender to the consortium comprising China Petroleum Pipeline Engineering Co. Ltd., Metron Energy Applications S.A., Hudong-Zhonghua Shipbuilding (Group) Co. Limited, and Wilhelmsen Ship Management Limited in December 2019. Second, issues arose with the signing of a bilateral agreement following an additional €25 million funding approval in June 2022.

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Government Response and Investigation

The Ministry of Energy, Commerce and Industry has acknowledged the EC’s concerns and is preparing to respond within the stipulated 30-day period. The ministry stressed its commitment to defending Cyprus’s interests and is cooperating fully with European authorities to investigate the matter. The government has pledged “zero tolerance” for any procedural lapses and is focused on completing the Vasiliko project.

Broader Implications

The Vasiliko LNG terminal, part of the Cyprus Gas 2 EU project, is a Project of Common Interest and has received significant European funding totalling €101 million. The project’s completion is crucial for Cyprus’s energy infrastructure and its alignment with EU energy goals.

This development underscores the importance of adherence to EU regulations and transparency in large-scale public projects. It also highlights the financial and operational risks associated with non-compliance, which can lead to substantial financial repercussions and potential delays in critical infrastructure projects.

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EU Farm Output Prices Decline For The First Time In Nine Months

by THEFUTURE.TEAM

March 12, 2026

EU Market Adjustments Signal New Price Trends

Agricultural output prices across the European Union declined in the fourth quarter of 2025, marking a shift after several quarters of increases. Data from Eurostat shows that farm gate prices fell by 1.9% compared with the same period in 2024.

Crisis of Declining Prices In Select Markets

Cyprus recorded one of the more notable decreases in agricultural input costs among EU member states, with prices falling by 2.6% compared with Q4 2024. The reduction eased cost pressures for the local agricultural sector following periods of higher prices earlier in 2025. Across the EU, prices for goods and services consumed in agriculture remained relatively stable. Non-investment inputs such as energy, fertilisers and feedingstuffs showed limited overall changes during the quarter.

Country-Specific Divergence In Price Movements

Eurostat data highlights considerable variation across member states. Fifteen EU countries recorded declines in agricultural output prices. Belgium registered the largest decrease at 12.9%, followed by Lithuania (8.2%) and Germany (6.0%). At the same time, twelve countries reported increases in output prices. Ireland recorded the strongest rise at 6.8%, followed by Slovenia (5.6%) and Malta (4.2%).

Stability In Agricultural Inputs Amid Commodity Shifts

Agricultural input prices also showed mixed developments. Eleven member states recorded declines, including Cyprus (2.6%), Belgium (2.1%) and Sweden (2.0%). Other countries experienced moderate increases, including Lithuania (4.2%), Ireland (3.3%) and Romania (2.5%). Among major agricultural commodities, milk prices declined by 4.1% while cereal prices fell by 8.9% across the EU. In contrast, fertilisers and soil improvers increased by 7.9%, reflecting continued volatility in input markets.

Outlook For EU Agriculture

The latest Eurostat data points to uneven price developments across the EU agricultural sector. While input prices remained broadly stable in many markets, movements in output prices varied significantly between member states. These trends highlight the need for farmers and policymakers to adapt to shifting commodity prices and changing cost structures across the European agricultural market.