Status of the Prometheus LNG vessel in Malaysia

The Prometheus floating storage and regasification unit remains anchored in Malaysia due to significant delays in the completion of the Vasilikos LNG terminal in Cyprus. According to a formal response from Energy Minister Michalis Damianos to parliament, the vessel cannot currently be chartered out to foreign companies. Although there has been international interest, the unit requires specific technical and operational modifications before it can be used elsewhere, making a transition to another terminal a complex and non-straightforward process.

Maintaining the vessel in Malaysia costs over $386,000 per month, covering technical management, mooring, staffing, and maintenance. Local media reports indicate that the total financial burden for the Republic of Cyprus could exceed 20 million euros if the vessel remains idle through 2029, the year currently estimated for the completion of the necessary infrastructure at Vasilikos. ETYFA, the Natural Gas Infrastructure Company, has examined various scenarios for temporary use, including operational testing or chartering to neighboring countries, but no finalized commercial agreement exists. The government continues to manage the costs of this ongoing project delay, while the vessel remains unavailable for immediate regional energy utility.