Vitol signs a deal with construction company to build its Cyprus terminal
11.05.2010 - NEWS
November 5, 2010 [Cyprus Mail] - VTTI yesterday signed a deal with Joannou & Paraskevaides for the construction of the new oil terminal at Vassiliko.

Construction of the €200 million terminal is set to begin in January 2011 and will expand the current capacity at Vassiliko to 550,000 cubic metres.

The agreement between VTTI and J&P was signed during the official visit of the President and CEO of the Vitol Group of Companies,. Ian Taylor and the CEO of MISC Berhad Datuk Nasarudin bin Md Idris.

VTTI CEO Rob Nijst said:y “The terminal marks an initial investment of more than €100 million, but we are looking into expanding the terminal capacity from 340,000 cubic metres of storage to 550,000 cubic metres which will increase our investment to more than €200 million”.

Asked about the terminal’s significance for Cyprus, Nijst said “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.”

He added: “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.”

The terminal will be 100 per cent owned, funded and operated by VTTI and initially will provide around 340,000 cubic metres of storage for gasoline, diesel and jet fuel. 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

The construction project will employ around 1,000 people and continue until the end of 2012; 50 will then be needed to run and support the terminal.

Tepsa Netherlands nears completion of expansion, adding nine new storage tanks
02.14.2025 - NEWS
Tepsa Netherlands is set to complete its latest storage capacity expansion, adding nine new stora... Read More
MOL Group Successfully Tested the Production of HVO and SAF at Eastern European Refinery
02.14.2025 - NEWS
February 14, 2025 [Hydrocarbon Processing]- MOL Group has produced a diesel fuel containing hydro... Read More
Verso Energy Plans €1.4bn e-SAF Production Facility in Finland
02.14.2025 - NEWS
February 14, 2025 [H2 View]- French company Verso Energy has agreed to build a hydrogen processin... Read More
PBF Refineries to Operate Up to 76% of Capacity in Q1
02.14.2025 - NEWS
February 14, 2025 [Hydrocarbon Processing]- Independent U.S. refiner PBF Energy plans to operate ... Read More