“We’ll push for another phase of this project allowing us to expand our terminal to at least 550,000 cubic meters,” Nejst said at a reception in Nicosia last night. He said there are “commercial opportunities” for partnerships with other companies on the eastern Mediterranean island.

VTTI, which is jointly owned by the Dutch Vitol Group and the Malaysian shipping company MISC Bhd, announced plans in July to construct a 100 million euro (US$140 million) terminal for gasoline, diesel, jet fuel and fuel oil at Vassiliko on the island’s southern coast.

Cypriot Minister of Commerce, Industry and Tourism Antonis Paschalides said this month the government plans to construct its own fuel-storage facility at Vassiliko.

VTTI agreed to develop the terminal with Cyprus-based building contractor J&P, Nejst said. No further details were provided.