Cyprus Aims to Become Energy Hub

by Ship & Bunker News Team
Friday March 30, 2012

VTT Vasiliko Ltd (Vasiliko) and J&P Group (J&P) have announced the signing of the agreement for the construction of the oil storage terminal at Vassiliko, Cyprus, saying it will "turn Cyprus into an energy hub".

Work is expected to begin on the €220 million private oil storage terminal within two weeks and be completed some time in 2014.

The planned terminal will have an initial capacity of 357,000 cubic meters, increasing to 643,000 cubic meters with the completion of the second development phase.

Efthyvoulos Iacovides, General Manager of J&P said he expected to complete "the first phase in 24 months and the second in 26.5 months."

The terminal will store gasoline, diesel, jet fuel, gasoil and MTBE.

A marine jetty with four berths extending 1.2km from the shore will also be built, and at two loading arms per berth per product, it will be capable of loading or discharging 1250 cubic meters of product per hour.

George Papanastasiou, Managing Director of Vasiliko said "This is an investment of huge importance, which will make Cyprus a transit centre of energy products trading, through the import, export and trans-shipment of oil products from / to the international market."

Ship & Bunker News Team
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