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FSRU Transformation: Promitheas Nears Critical Integration Milestone

The integration of essential systems on the vessel Promitheas is on track for completion by late November or early December. This pivotal phase will usher the ship into a terminal for its certification as a Floating Storage and Regasification Unit (FSRU), marking a significant milestone in LNG infrastructure development.

Timed Precision Amid Supply Chain Delays

Georgios Asiikalis, President of the Gas Infrastructure Company (ETYFA), highlighted that all necessary components are pre-positioned on the vessel, awaiting installation. He noted that delays stemmed primarily from the absence of ready-made parts, which required additional time for manufacture and delivery. With components now onboard, operations are advancing into the installation phase.

Terminal Certification And Strategic Decisions

Asiikalis emphasized that the final terminal designation for Promitheas will depend on the findings of an upcoming gap analysis related to the Vasiliko terminal. The project coordinator will complete and submit this analysis on December 19, dictating whether the vessel will be certified at the local terminal or potentially at an international facility.

Ensuring Operational Integrity

The certification process is critical to verifying that the vessel can maintain LNG at minus 160 degrees Celsius without any vapor loss. Concurrent consultations are underway to determine the development timeline of the Vasiliko terminal. Should the terminal’s construction conclude promptly, Promitheas will transition there; otherwise, an alternative certification site will be sought.

A Pivotal Investment In Energy Infrastructure

President Asiikalis reiterated the importance of these milestones, noting that the successful conversion of Promitheas signifies not only enhanced operational capabilities but also safeguards an investment valued at 200 million euros. In this context, the vessel is not merely a component of the system but represents its operational centerpiece.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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