J&P delivers € 300m storage terminal to VTTV

chairman of the Paraskevaides Group.

The contractor was the consortium of J&P and J&P (Overseas) Vasiliko Oil Tank. Construction work lasted 32 months, employing more than 800 people in a total 3 mln man-hours.

“This is a state-of-the-art project that is unique to the region and we expect that it will soon transform Cyprus into an oil trading hub,” Papanastasiou said.

Efthyvoulos Iacovides of J&P added that “such a pioneering project for Cyprus required high-level specialisation and expertise. J&P, having an abundance of experience in similarly sophisticated projects around the world, delivers a project that is designed and constructed with the highest quality and technical specifications”.

The project, a subsidiary of international oil storage terminal operator VTTI B.V., 50% of which is owned by Dutch Vitol, features 28 tanks with a total storage capacity of 543,000 cubic metres of core fuel (diesel, gasoline and jet fuel) a deep water marine jetty as well as road tanker loading facilities in phase one. The second phase, scheduled to begin in mid 2015 will create an additional 13 tanks and an extra capacity of 305,000 cubic metres to be completed in 2016.

“The terminal, in conjunction with the island’s strategic location near the Suez Canal, places Cyprus on the map of these fuel transports,” he said in comments earlier in November. The company, he said, can store crude oil being transported from the Red Sea to Asia’s emerging markets.

Papanastasiou added that the terminal could also act as the storage of Cyprus’ strategic fuel reserves, as well the fuel storage of Cypriot fuel companies, as all fuel depots traditionally located near the now defunct refinery in Larnaca should be relocated by 2016.