China-based CPP-Metron Consortium has pulled out of a contract with the government of Cyprus for the construction of what was to be the island's first natural gas import terminal,',
China -based CPP-Metron Consortium has pulled out of a contract with the government of Cyprus for the construction of what was to be the island’s first natural gas import terminal, claiming non-payment by the government, the Associated Press reported on Thursday. According to the consortium, the government has failed to honor its commitments despite promising to do so in a March meeting chaired by President Nikos Christodoulides.
Speaking on condition of anonymity to AP, the official claimed that CPP-Metron underbid competitors to win the contract but soon found itself underwater due to the COVID-19 pandemic and Russia’s 2022 invasion of Ukraine. The consortium’s parent company was unable to finance the cash shortfall, forcing two key project subcontractors to leave, bringing work to a standstill. According to the report, the consortium’s parent company refused to come to its rescue with a cash infusion.
Natural Gas LNG Gas Imports China
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wimbledon: Aryna Sabalenka pulls out on first day due to shoulder injuryTwo-time Grand Slam champion Aryna Sabalenka has withdrawn from Wimbledon due to a shoulder injury.
Read more »
The First Descendant player count flies past 150,000 on Steam in first hour of launchThe First Descendant has already flown past a player-count of 150,000 on Steam after just an hour.
Read more »
Wimbledon women’s champion crashes out in first round for first time since 1994Marketa Vondrousova's opponent Jessica Bouzas Maneiro records her first-ever grand slam victory in style
Read more »
The First Descendant's first alien boss is some bloke called GregAn alien planet, ancient magic, and all of humanity at stake. You're first enemy? Greg.
Read more »
First naval Victoria Cross of First World War could fetch £260,000 at auctionThe medal was awarded to Captain Henry Peel Ritchie, of the Royal Navy.
Read more »
First naval Victoria Cross of First World War could fetch £260,000 at auctionThe medal was awarded to Captain Henry Peel Ritchie, of the Royal Navy.
Read more »