BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Cyprus to become a 'major oil trading hub'

Plans announced to build a major €100 million oil product terminal in Cyprus.





Updated on 22 Jul 2010 13:15 GMT

Vitol Tank Terminals International (VTTI) has today announced plans to build a major oil import and distribution terminal in the industrial area of Vasiliko, Cyprus.

The terminal, which is set for completion in 2012, marks an initial investment of more than €100 million in the Cyprus economy and, according to VTTI, is set to establish the island as 'a major oil trading hub in the region'.

Built to world class standards, with the highest safety and environmental standards in place, it will be 100 percent owned, funded and operated by VTTI and will provide around 340,000 cubic metres of storage for fuel oil, gasoline, diesel and jet fuel.

VTTI has extensive experience of building and managing oil terminals, with a network of 11 terminals in five continents, including a major new terminal in Florida, USA, which opened in April 2010. In Europe, VTTI has major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.

Speaking about the new Vasiliko terminal, CEO of the Vitol Group Ian Taylor said: “We are pleased to be proceeding with this project. This is an important project for Cyprus. While global trading conditions remain challenging, a world class terminal built and operated in a professional way, will provide jobs and potential for long term investment. The terminal will play an important part in supplying regional markets to meet growing energy demand, as well as supplying the local market in Cyprus.

“VTTI has been evaluating a number of countries before deciding where to invest for an Oil Terminal. Cyprus geographical location and its membership of the EU, is the right place for this project and we look forward to developing our business here. We would like to thank the President of the Republic and the Government of Cyprus, for their continuous support for this project".

Work is scheduled to start on the Vasiliko facility in the next few months. In addition to storage tanks, a jetty will be constructed to handle seagoing vessels.

Oil products will arrive at the new terminal from the international oil markets and current plans for the terminal are focused on re-exporting to regional markets, as well as supplying the inland market in Cyprus.






Related Links:

VTTI sells 10% stake in ETT
VTTI announces Rotterdam expansion
MISC acquires 50 percent of VTTI
Vassiliko
Cyprus

Latest News:

Hurtigruten to upgrade up to nine ships to gas-electric power
All-electric vessel launched for Norwegian fjord route
Wartsila CEO talks up 'critical role' of LNG, calls for 'clear' GHG roadmap
Industry coalition makes case for LNG in wake of MEPC 72
Oil and fuel oil hedging market update
Brent closed at $75 but quickly fell to current levels of $73-74
Itsas Gas secures Cepsa supply contract; Oizmendi starts bunkering in Huelva
Eco Marine Power to expand Aquarius Eco Ship Project
Wartsila in first optimised maintenance tie-up for LNGPac system
Bullish momentum sends oil prices above three-year high
Oil and fuel oil hedging market update
Nor Lines LNG-fuelled ships to include Rotterdam in weekly service




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events