Papanastasiou noted that the establishment of an oil terminal in Cyprus has boosted international confidence in foreign investments and commercial activities in the country.

Speaking at an event celebrating two years from the construction of the oil terminal at Vasilikos, as well as ten years of operation of the VTTI B.V. group, Papanastasiou said that regional developments, including the discovery of hydrocarbons in Cyprus’ Exclusive Economic Zone, create unique opportunities and prospects for Cyprus.

“Up until recently, Malta was the region’s energy hub for oil transportation. Creating an oil terminal in Cyprus changed that, as VTTV became a competitive and safe option for international energy traders. Thanks to the high level of services offered, the terminal has been 96% full from its first weeks of operation,” said Papanastasiou.

To date, the company has handled 5.9 million cubic metres of oil and serviced more than 200 tankers.

Noting that the €300 million project was the biggest infrastructure project constructed in Cyprus in recent years, he said the terminal has put the island on the global energy map and considerably strengthened Cyprus’ efforts to return to economic growth.

Papanastasiou went on to say that Cyprus is already reaping the benefits from the terminal’s operation, since €9 million annually go to state coffers from port fees and operating permits. Additionally, Cyprus has made savings of around €2 million from lower storage costs for its strategic reserves.

Papanastasiou assured that the oil terminal will continue offering high level services, supporting and enhancing Cyprus’ prospects in the energy industry.

Source: InCyprus