VTTV plans €150 million expansion work in Cyprus

Cypriot company VTT Vasiliko (VTTV), a subsidiary of Dutch energy trader VTTI, is planning to expand its storage terminal at Vasiliko in Cyprus with two projects costing €150 million, according to reports.

VTTV CEO George Papanastasiou told the Financial Mirror that the existing jetty can be adapted for Cyprus’ upcoming floating storage and regasification unit (FSRU). At the site there is a project underway to build a small, private LNG terminal, costing €15-20 million, which will serve the local market and export to nearby markets, such as Lebanon.

Papanastasiou said that the second, larger project, costing €120-130 million, will increase the storage capacity to store the Euro-spec output of a major regional refiner to supply European markets.

At present, the VTTV terminal has 28 tanks with a total storage capacity of 545,000 m³, storing diesel, gasoline and jet fuel, a deep-water marine jetty, and road tanker loading facilities. It was completed in November 2014 at a cost of €300 million. Papanastasiou said that the storage is at near capacity could not provide its services when the oil price crashed earlier this year.

Source: Tank Storage Magazine