Greek construction giants TERNA and AVAX are among eight companies competing to complete the liquefied natural gas (LNG) terminal at Vassiliko, Cyprus. The Natural Gas Public Company (DEFA) is now moving forward with the evaluation process, which was launched following the conclusion of the first phase of the tender on October 9, 2026 — the deadline for expressions of interest — when submitted applications were officially unsealed.
What DEFA’s chairman said about the companies bidding for the Vassiliko project
DEFA’s management has described the level of interest as highly satisfactory, noting that the process has attracted major construction and energy groups with significant international presence.
Speaking to the Cyprus News Agency (CNA), DEFA Board Chairman Giorgos Pistentis confirmed that the list of candidates includes companies with the capability to deliver the project. “From the names, it appears there are companies that can take on this project. We are satisfied with the interest shown,” he stated.
The eight companies bidding for the Vassiliko LNG terminal project
According to data published on the electronic tendering system of the Treasury of the Republic of Cyprus, the eight companies that submitted expressions of interest are:
- AVAX S.A.
- TERNA S.A.
- The Petroleum Projects and Technical Consultations Company (PETROJET)
- China Harbour Engineering Company Ltd.
- ECOnnect Energy
- Saipem S.p.A.
- Baran International Ltd.
- ARCHIRODON CONSTRUCTION (OVERSEAS) COMPANY LIMITED
The participation of two major Greek construction groups — TERNA and AVAX — adds a particularly notable Greek dimension to the competition for the completion of this critical energy infrastructure project in Cyprus.
The estimated contract value stands at €180 million, with a projected implementation period of two years. The selection of the winning contractor will be based on the best price-to-quality ratio, taking into account both technical capabilities and the financial terms of each bid.
Evaluation criteria and lessons learned from past challenges
DEFA is placing particular emphasis on ensuring that the selected contractor possesses the required technical competence, experience, and financial soundness to successfully deliver the project. According to Chairman Pistentis, the selection criteria have been carefully shaped with past difficulties in mind, in order to prevent similar problems from recurring. “They took into account past experience and the issues that arose, so that they do not arise again,” he noted.
At this stage, no complete technical or financial proposals are being assessed, as the interested companies have not yet received the project’s final specifications. The evaluation focuses exclusively on the suitability of the candidates, determining which companies meet the prerequisites to advance to the next phase of the tender.
The criteria for the second phase are being drawn up by the project’s advisors in collaboration with DEFA’s technical department and the Public Procurement Authority. Shortlisted companies will then be invited to submit binding offers, which will be evaluated on the basis of technical and financial parameters.
Timeline for contract award
DEFA’s primary objective is to complete the pre-selection process by the end of 2026, enabling it to move into the second phase of the tender as swiftly as possible.
The eProcurement platform currently lists January 11, 2027 as the deadline for sending out invitations to tender. However, the organization’s management is actively working to accelerate proceedings and issue the relevant invitations before the end of the current year.
The overall plan envisages the contract being awarded before the summer of 2027, though Chairman Pistentis did not rule out the possibility of a contractor being selected even earlier.
A dedicated Evaluation Committee has taken on the task of reviewing the submitted applications and, upon completion of the process, will present its findings to the DEFA–ETYFA Board of Directors for final decision-making.
The DEFA chairman emphasized that the process is being conducted with the necessary care and confidentiality, and that decisions will be made public once all prescribed stages have been completed.
