The European Investment Bank and the Development Bank still believe in the construction of the natural gas terminal in Vasiliko, as Makis Keravnos revealed during his interview for "Alpha on Sunday."

Despite more than two decades of delays, Europe expects Cyprus to stop generating electricity using fuel oil.

“As for the European Investment Bank and the European Bank for Reconstruction and Development, they have not requested the return of these funds because they believe the project should continue. Therefore, there has been no repayment of 67 million.”

Part of the funding has been merged with amounts owed to Cyprus, following consultations with the European Commission.

READ ALSO: “Never Say Never”: Keravnos’ Response to Rumors of a Cabinet Reshuffle and the 2028 Presidential Election

And while millions were wasted on a project that never materialized, the country—in addition to the cost of electricity—is forced to purchase more carbon dioxide emission allowances, the minister must address how close we are to the imposition of fines and what is happening with the legal proceedings.

“As for fines, there is no clear pending issue at this time. There are pending matters because certain issues are currently in the legal process. So in that regard, we don’t know exactly what might come of it.”

SEE ALSO: Keravnos: Perhaps the electrical interconnection with Israel should be completed first

The contract is expected to be awarded to a new contractor for the completion of the project by 2026. So far, as we’ve been informed, there is nothing to announce, given that the change in DEFA’s Board of Directors is still pending.

See the report by Kleio Vourkou: