The government of Cyprus has invited investors interested in the construction of the Vasilikos Oil Terminal on its southern coast.
The deal would include development, ownership of and participation in the joint venture company. The planned terminal will enable the eastern Mediterranean country to store sufficient fuel reserves to supply the domestic market for 90 days in accordance with European Union regulations.
In 2009, KODAP, the government-owned company assigned to manage reserves, had a total of 612,300 tonnes of fuel stored in the Netherlands, Greece and Cyprus.
Terminal operator VTTI is also planning a 550,000m3 storage facility for petrol, diesel, jet fuel and fuel oil also in Vasilikos.