The government has signed a deal that will see the island’s strategic oil reserves moved from Larnaca to VTTV’s facilities in the Vassilikos area, Limassol.
The agreement was concluded between VTTV managing director George Papanastasiou and KODAP, the organisation for storage and management of oil stocks.
The three-year contract provides for the storage of up to 132 thousand cubic metres of fuel in the company’s terminal.
The relocation of the fuel from Larnaca is to be carried out in phases, with the first cargo expected to arrive at Vasilikos on May 5, according to the Cyprus News Agency.
Relocating Larnaca’s oil-based industry to Vassilikos was the subject of a cabinet decision in July 2014, in response to a long-standing demand by Larnaca residents.
Source: Cyprus Mail
