Cyprus could be home to a new 100 million oil product terminal in 2012 following talks between Vitol Tank Terminals International (VTTI) and officials on church-land on the coast of Vasiliko, in the Larnaca district.
VTII, a 50/50 joint venture between major energy trader Vitol and maritime corporation MISC Berhad, has already announced plans to build a major oil import and distribution terminal in the industrial area of Vassiliko.
This major project has been underway for some time now and I would like to take this opportunity to thank both the Church of Cyprus and the Hellenic Mining Company for the support that they have offered to us, VTTI board member Christopher Bake says.
VTTI expects construction of its new terminal to begin in early 2011.
In addition to storage tanks, a jetty will be constructed to handle sea-going 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 domestic market.