VTTI announces plan to build a new oil product terminal and make Cyprus a regional oil trading hub
Vitol Tank Terminals International (“VTTI”), today announced plans to build a major oil import and distribution terminal in the industrial area of Vassiliko, Cyprus.
The terminal, which is set for completion in 2012, marks an initial investment of more than €100 million in the Cyprus economy and will establish the island as a major oil trading hub in the region.
Built to world class standards, with the highest safety and environmental standards in place, it will be 100% owned, funded and operated by VTTI and will provide around 340,000 cubic metres of storage for gasoline, diesel, jet fuel and fuel oil.
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, USA, which opened in April 2010. In Europe, VTTI has major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.
Speaking about the new Vassiliko terminal, CEO of the Vitol Group Ian Taylor said: “We are pleased to be proceeding with this project. This is an important project for Cyprus. 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. 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.
“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 and we look forward to developing our business here. We would like to thank the President of the Republic and the Government of Cyprus, for their continuous support for this project”.
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 the 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 a proven track record in the successful operation of terminals and the company has already made it clear that it intends to make a number of investments in key local projects to provide additional benefits for the community.
Notes to editors
MISC is a world leading international maritime corporation and one of the top five shipping companies in the world by market capitalisation. The company provides energy transportation solutions to customers in the LNG, petroleum and chemical industry. MISC owns and operates more than 100 vessels with a combined tonnage of more than eight million deadweight tonnes, trading in various corners of the globe. Through its wholly-owned subsidiary AET, MISC is also the world’s largest owner-operator of Aframax tankers, counting among its customers leading oil majors.
Further details on the MISC Group can be found at www.misc.com.my