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Cyprus to become a 'major oil trading hub'

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



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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

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