EU probe into Vasilikos LNG project

The European Public Prosecutor's Office (EPPO) has launched an investigation into the Vasilikos liquefied natural gas import terminal project in Cyprus, amid suspicions of public procurement fraud, misappropriation of funds and corruption.

The Vasilikos terminal, intended to connect Cyprus to the broader European gas market, has been plagued by delays and allegations of misconduct. The project, with a total cost of 542 million euros, includes €101 million from the Connecting Europe Facility (CEF) program and an additional €230 million in EU loans.

The investigation was triggered by a report from the Audit Office of the Republic of Cyprus, published on January 19, highlighting potential irregularities in the tendering and contract awarding processes. The European Court of Auditors and the European Executive Agency for Climate, Infrastructure, and Environment (CINEA)...