VTTI: Cyprus Terminal May Include Bunkers

by Ship & Bunker News Team
Thursday April 4, 2013

Fuel storage company VTTI B.V. (VTTI) says an oil storage terminal that a subsidiary is building in Cyprus may be expanded to include bunkers, according to Cyprus newspaper the Financial Mirror.

VTTI CEO Rob Nijst said that, despite the economic crisis in the country, Cyprus could become an energy hub for the eastern Mediterranean region.

"Our commitment and confidence in Cyprus remains as strong as ever," he said.

"The project is proceeding according to plan and almost 12 tanks are now completed.

"In total we expect to invest around €300 million ($385.8 million), generating employment during the project and also after its completion."

George Papanastasiou, managing director of VTT Vasiliko Ltd (Vasiliko), the subsidiary responsible for the terminal, said the company's investment will help the struggling nation, in part by providing €18 million ($23.2 million) per year in port duties for the Cyprus Ports Authority.

"The Terminal will make Cyprus a hub for storing and trading oil products, and will yield substantial financial benefits for the island," he said.

"It will contribute with capital injections to the Cypriot economy and it will have multiple positive effects to the wider society; from jobs created to the reduction of fuel costs due to the increased competition."

Vasiliko and J&P Group announced plans for the terminal last year, saying that it should be completed in 2014 with an initial capacity of 357,000 cubic meter and eventually reach 643,000 cubic meters in a second phase of development.

Ship & Bunker News Team
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