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.

The Future Forbes Realty Global Properties

€50 Million Luxury Resort Planned For Ayia Napa

by THEFUTURE.TEAM

October 22, 2026

Ayia Napa could strengthen its position in the premium tourism market with a proposed €50 million mixed-use resort combining a hotel, serviced apartments, luxury bungalows and a beach club.

Aesara Investments Ltd has submitted an information form to the Department of Environment for a development to operate under the name Atlantica Wavemaster Hospitality. The project is planned for the Limnara area of Ayia Napa, along the coast south of Kryou Nerou Avenue, between the town centre and Cape Greco.

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Hotel, Apartments And Luxury Bungalows

The proposed resort will include a 324-room hotel with capacity for 648 guests, alongside a condo-hotel building containing 20 one- and two-bedroom apartments. Facilities are planned to include restaurants, bars, cafés, a spa with an indoor pool, a gym, shops, a multipurpose hall, a children’s club and a cinema.

A further 33 three-level luxury bungalows, each designed for two guests and featuring a private swimming pool, are planned for the southern part of the site. A beach club with a restaurant and an outdoor pool complex covering more than 6,300 square metres will also form part of the development.

The project includes 321 parking spaces, including 12 for people with disabilities, and 14,196 square metres of landscaped green space featuring local plant species.

Seasonal Hotel Operations And Year-Round Residences

The hotel is expected to operate from March to November, with peak occupancy during the summer season. The condo-hotel apartments, meanwhile, will be available for sale or long-term rental and intended for year-round residence. Owners and tenants will also have access to the resort’s facilities, including its pools, restaurants and fitness areas.

Construction is expected to take 24 months once the required permits are secured. At the busiest stage, the project could employ around 100 workers per day.

Environmental Restrictions Near Cape Greco

The site’s proximity to protected Natura 2000 areas has prompted strict environmental requirements. The Cape Greco Special Protection Area borders the site to the south, while a Special Area of Conservation lies approximately 50 metres away.

Conditions imposed by the Department of Environment include a maximum building height of five floors, or 18.5 metres, and restrictions on permanent structures near the coastline. The project must also use spider-web type glazing and low-intensity lighting to minimise disturbance to local birdlife.

According to the project’s consultants, the design has been prepared to comply with the environmental conditions and the final report on cumulative impacts for the Cape Greco Special Protection Area. The hotel and apartment building are positioned in the central and northern parts of the plot, away from the shoreline.

Within the designated no-build zone, located 40 metres from the boundary of the beach protection zone, only swimming pools are planned. The consultants state that these are not expected to affect protected species in the area.

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