CYPRUS: Members of the Democratic Rally visit the VTTV oil terminal

Members of the Democratic Rally of Cyprus, including President Averof Neophytou, visited the oil storage terminal facilities of VTT Vasiliko Ltd (VTTV) which will commence operations shortly.

Averof Neophytou, members of Parliament Lefteris Chrystoforou, Andreas Michaelides, Zacharias Zachariou, Efthymios Diplaros and other DISY executives were briefed on the Terminal’s services and were toured around its facilities. The visit was concluded with a tour at the jetty of the Terminal on one of the company’s cutting-edge tug boats that will be used to tow tank vessels.

Averof Neophytou characterized the project as the largest investment in Cyprus today and a good solution for the transfer of oil stocks currently stored in Larnaka. He also expressed his belief that with the increase of competition when the Terminal begins operations, fuel costs will be reduced.

George Papanastasiou, CEO of VTTV, stated that the construction phase will be completed soon and the operations phase will begin shortly with the arrival of the first tank vessel.

The project, that will make Cyprus an oil product trading hub for international markets and will generate multiple benefits for the country’s economy, includes an oil storage Terminal with 28 tanks of 544K m3 storage capacity and a jetty that will service over 500 tank vessels per year.

VTT Vasiliko Ltd is a company registered in Cyprus, a subsidiary of VTTI B.V. VTTI, a joint venture of two companies, owns and Offers 8 million cubic meters of combined storage capacity across 5 continents. This will rise to over 10 million in the near future as new projects, including Vasiliko, come on line.VTTI’s shareholders are the Dutch energy giant Vitol, the largest private energy trading company in the world, and MISC, a leading international shipping company, owned by the Malaysian state oil company Petronas.