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Cyprus’s government has shortlisted four companies and a joint venture to build a terminal for storing and re-exporting fuel, according to newspaper Politis.

The selected bidders are: VTTI BV, Vopak Oil Emea BV, Puma Energy Holdings BV, Stolthaven Terminals BV and a joint venture consisting of DOR Chemicals Ltd., Eilat Ashkelon Pipeline Co. and Eilat Ashkelon Infrastructure Services Ltd.

The shortlisted companies will be asked to submit detailed proposals, the daily Greek-language newspaper said.

Terminal projects in Cyprus - the story so far

The government of Cyprus first invited parties to express interest in the construction of a fuel storage terminal in Vasilikos, located on the southern coast of the country, towards the end of 2010.

The invitation by the Ministry of Commerce, Industry and Tourism was for an expression of interest in the development and ownership of the Vasilikos Oil Terminal and joint venture company.

The announcement followed comments made in October 2010 by Cypriot Minister of Commerce, Industry and Tourism, Antonis Paschalides, who said that the government was planning to construct its own fuel-storage facility at Vasilikos.

Earlier that year, in July, Dutch operator Vitol Tank Terminals International (VTTI) had announced plans to build a major oil import and distribution terminal, also in the industrial area of Vasilikos.

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.