Following a successful first year of operations in Cyprus, VTTV’s general manager discusses future expansion plans for the eastern Mediterranean oil hub
A year on from when the first tanker ships arrived at the newly constructed VTTV facility laden with oil products, the ambition to create an oil trading hub in the eastern Mediterranean has been made a reality.
Its strategic location nestled between Limassol and Larnaca in Cyprus makes it the first storage terminal of its kind in the eastern Mediterranean, connecting Europe and the Black Sea with the booming Asian and Middle Eastern markets.
Following successful completion of the first phase of the 544,000 m3 facility and on the back of growing demand for storage internally as a result of the increasing oil glut, executives at VTTV are pursuing plans to expand the terminal further.
The second phase, which is currently under evaluation has secured an environmental impact assessment approval and would involve the construction of an...