Europe-based oil conglomerate Vitols subsidiary Vitol Tank Terminals International (VTTI) is planning to build a 100 million oil import and distribution terminal in the industrial area of Vassiliko, Cyprus.
The terminal, which is set for completion in 2012, will establish the island as a major oil trading hub in the region. The Cyprus terminal will provide around 340,000m3 of storage for petrol, diesel, jet fuel and fuel oil.
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, Vitol Group CEO Ian Taylor said states. 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.
Taylor explains that 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, he notes.
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 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 extensive experience of building and managing oil terminals, with a network of 11 terminals in five continents, including a major new terminal in Florida, US, which opened in April 2010. In Europe, VTTI has major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.
VTTI owns and operates a network of petroleum products terminals with a gross combined capacity of nearly 6 million m3, which is set to expand to nearly 7 million m3 by 2013. With interests spanning over 11 countries and five continents, VTTI is one of the top ten independent tank terminal operators in the world.