Cyprus cannot currently lease out the Prometheus LNG vessel to a foreign company, despite international interest in its temporary use, as specific technical and operational requirements must first be met.
The floating natural gas unit remains anchored in Malaysia because of delays in completing the LNG terminal at Vasilikos. However, moving it to another terminal is not a straightforward process and could require additional technical work before it is ready to regasify liquefied natural gas.
The details emerged from a written response by Energy Minister Michalis Damianos to a parliamentary question submitted by DISY MP and chairman of the House Energy Committee, Nikos Georgiou.
ETYFA examined alternative uses
According to the minister, the Natural Gas Infrastructure Company (ETYFA) examined several scenarios for the temporary use of Prometheus.
These included conducting operational tests and potentially chartering the vessel to a terminal in a neighbouring country.
ETYFA also carried out an analysis of the costs involved in maintaining and managing the floating unit at different locations.
LNG vessel charter rates reach €115,800 per day
International market research found that daily charter rates for comparable floating liquefied natural gas import, storage and regasification units range between $75,000 and $130,000 gross.
This corresponds to approximately €66,800 to €115,800 per day.
The final charter rate depends on the duration of the agreement, technical requirements, the specific project and prevailing market conditions.
However, Damianos explained that leasing Prometheus would require suitable and compatible port and terminal infrastructure, as well as the ability to receive and distribute regasified natural gas into the host country’s gas network.
Additional modifications could also be necessary to both the vessel and the terminal facilities.
As a result, each potential charter would have to be treated as a separate project, requiring detailed technical, commercial, legal and regulatory assessments.
Keeping Prometheus in Malaysia costs €345,000 a month
Meanwhile, the vessel’s continued presence in Malaysia is generating significant costs for ETYFA, despite efforts to reduce expenditure.
The total monthly cost amounts to $386,384, or approximately €345,000.
The expenses are broken down as follows:
| Expense | Monthly cost |
|---|---|
| Berthing, staffing, maintenance and technical support | €170,458 |
| Insurance | €33,000 |
| Fuel | €140,731 |
| Total | €344,189 |
The total is approximately €345,000, based on the figures provided by the minister.
Vessel has not completed full operational testing
Another obstacle is that, although Prometheus is certified both as a liquefied natural gas carrier and as a floating storage and regasification unit (FSRU), it has not yet been tested under real operating conditions.
In particular, it has not received a full LNG cargo or carried out regasification operations because the Vasilikos terminal remains incomplete.
To remove the conditions attached to its certification, the vessel must undergo operational testing with a full cargo and successfully demonstrate the performance of its systems.
This process could take place either at Vasilikos or at another suitable terminal abroad, provided that an appropriate charter arrangement can be secured.
Damianos also noted that the vessel’s prolonged period of limited use could lead to the identification of additional requirements during final inspections.
These could include replacement components or minor technical work, despite the maintenance carried out in the meantime.
Also read: Inflation in Cyprus rises to 4.4% in October 2026
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