VTTI to construct €100m oil terminal in Cyprus

It has been announced that Vitol Tank Terminals International (“VTTI”) is to construct an oil import and distribution terminal in Vassiliko, Cyprus. The terminal, to be completed in 2012, will be an investment of more than €100 million and will establish Cyprus as an oil trading hub. It will also complement the supply of oil products to the Middle East region, linking in with VTTI’s storage and refining asset in Fujeirah, one of the largest oil bunkering  ports in the world.

The terminal will be constructed on world-class standards, in conformity with the highest safety and environmental rules, will be 100% owned, funded and operated by VTTI and will provide around 340,000 cubic metres of storage for gasoline, diesel, jet fuel and fuel oil. Work is scheduled to start on the Vassiliko 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. VTTI has a proven track record in the successful operation of terminals and the company has already made it clear that it intends to make a number of investments in key local projects to provide additional benefits for the community.