Offering a range of oil storage solutions in strategic locations across 5 continents, VTTI takes particular pride in having transformed Cyprus into the Mediterranean’s new energy hub, with its €300 m project.
One year of successful operations
Completed in November 2014, the VTTV Vassilikos oil terminal consists of 28 tanks, with a total capacity of 544,000m3. The tanks store gasoline, diesel, jet fuel, kerosene, Naphtha, MTBE and FAME and capacity is currently at a staggering 96%. The area also houses a private single ‘T’ jetty, that extends 1,500m offshore, with 4 berthing positions that can accommodate vessels from 5,000 to 160,000 DWT and loading/discharging capabilities of 2,500m3/hr/product.
Managing Director at VTTV, George Papanastasiou said: “ I am very proud and satisfied at the same time that we have succeeded in meeting our goals, despite the difficulties we faced from the lack of knowledge, expertise and legislation from the authorities.
Our success is the result of our vision, goals, persistence and putting into practice all these with hard work, the right handlings and investing in the right people/employees.”
Future Plans
VTTV has plans to expand the terminal further with 13 tanks and an additional storage capacity of 305,000m3 for fuel oil and crude oil. The expansion will serve to diversify customers’ portfolios. The oil company also intends to evaluate regional opportunities such as the import of LPG and LNG. The completion of the 2nd phase is expected in 2016.
Construction of the terminal by J&P and its subcontractors took 32 months and employed more than 800 workers. It has been said by the government that this is the largest investment in Cyprus’ history.
Thanks to completion of phase one of the oil terminal, the government wasalso able to relocate its strategic oil reserves from Larnaca to the VTTV facility.
About VTTI
VTTI is a fast-growing independent provider of energy storage worldwide. Founded in 2006 by the Vitol Group, with MISC Berhad becoming co-owners in 2010, VTTI currently offers 8.7 million cubic meters of combined storage capacity across 5 continents. This will rise to over 10 million in the near future as new projects come on line. As well providing VTTI with strong foundations on which to build, the co-owners give VTTI direct access to unique market intelligence from the trading and shipping perspectives.
