October 13, 2011 [Cyprus Mail] - VTTI planning to build a private oil storage terminal at Vassiliko yesterday announced the appointment of a Cypriot managing director.
VTTI, a subsidiary of Vitol Group and MISC Berhad, said George Papanastasiou has taken over as head VTT Vassiliko since the beginning of the month.
According to the press release, Papanastasiou has many years of experience in the oil industry, having worked for 25 years in managerial positions in BP in Cyprus, the United Kingdom and other countries. He is a mechanical engineer and a graduate of Cyprus’ Higher Technical Institute, as well as City University and Kings College London.
Rob Nijst, CEO of VTTI, said: “The decision to appoint Mr Papanastasiou as Head of VTT Vassiliko Ltd shows the great importance that VTTI places at supporting the local management of the project. We are certain that Mr Papanastasiou’s experience in the oil industry will contribute greatly to the strategic development of the project which is expected to offer many commercial and economic benefits to Cyprus.
VTT Vasiliko Ltd is a Cyprus registered company planning to build a private oil storage terminal at Vassiliko, with an investment of €220 million. For the construction of the terminal it is estimated that more than 1,000 new jobs will be created and upon completion, 60 people will be needed to operate and support it.
Initial terminal capacity will be 345,000 cubic metres of storage for gasoline, diesel, jet fuel and fuel oil which will increase to 600,000 cubic metres in phase two of the project, by the end of 2013.
