In the Vassiliko region of southern Cyprus Vitol Tank Terminals International, a joint venture between trading company Vitol and Malaysian shipping firm MISC Bhd, is expected to commence construction on its storage terminal for petrol, diesel and jet fuel in the New Year.
Costing over 100 million to build, the facilitys initial capacity of 340,000m3 will increase to 550,000m3 during Phase II of the build. This will increase Vitols total investment to over 200 million.
Due for completion in the second half of 2012, the terminal will serve as a regional trading hub and will be able to supply the domestic market in Cyprus with truck access to a loading rack.
Commenting on the project Vitol Tank Terminals Internationals CEO Rob Nijist said: Establishing Cyprus as a major regional trading hub for the import and export of oil products, we are also confident that the expanded facility after phase two will provide more than sufficient capacity to cover the needs of Cyprus and bring competitive supplier of energy to its customers.
Joannou and Paraskevaides has been chosen to construct the facility.