J&P de­liv­ers € 300m stor­age ter­mi­nal to VTTV

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.