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Terminal operator Vitol Tank Terminals International (VTTI) has announced that George Papanastasiou has taken over as head of VTTI Vasiliko since the start of the month.

According to a company press release, Papanastasiou has several years of experience in the oil industry, having worked for 25 years in managerial positions for BP in Cyprus, the United Kingdom and other countries. He is a mechanical engineer and a graduate of Cyprus’ Higher Technical Institute, as well as City University and Kings College London.

Commenting on the appointment, Rob Nijst, CEO of VTTI, said: “The decision to appoint Mr Papanastasiou as Head of VTT Vasiliko Ltd shows the great importance that VTTI places at supporting the local management of the project. We are certain that Mr Papanastasiou’s experience in the oil industry will contribute greatly to the strategic development of the project which is expected to offer many commercial and economic benefits to Cyprus."

VTTI announced plans in July 2010 to build a major oil import and distribution terminal in the industrial area of Vasiliko, Cyprus. VTT Vasiliko Ltd. is the Cyprus registered company that is in charge of the terminal development project.

The new facility will be a storage terminal for fuel oil, gasoline, diesel and jet fuel. The initial capacity will be 345,000 cubic metres, which will increase to 600,000 cubic metres in phase two of the project, by the end of 2013.

The first phase is set for completion in 2012 and the total cost of the project is estimated at around €220 million.

VTTI is a leading player in the storage and terminal business. A 50/50 joint venture between the Vitol Group, one of the world’s largest energy traders and MISC, the major Malaysian shipping company, VTTI has 13 terminals, with a total capacity of 6 million cubic meters, on five continents.