December 13, 2010 [Bloomberg] - Cyprus will invite investors this week to express interest in the construction of a fuel storage terminal on its southern coast, the Ministry of Industry, Commerce and Tourism said.
The expression of interest for the development, ownership of and participation in the Vasilikos Oil Terminal and joint venture company will be open to individual investors as well as to groups of companies, the Nicosia-based ministry said in an e- mailed statement today.
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 tons of fuel stored in the Netherlands, Greece and Cyprus. Dutch-Malaysian terminal operator VTTI BV said in October that it plans a 550,000 cubic meters-plus storage facility for gasoline, diesel, jet fuel and fuel oil also in Vasilikos.
