VTTV oil ter­mi­nal gen­er­ates € 9 mln in state rev­enues

Financial Mirror (Cyprus) - - FRONT PAGE -

The es­tab­lish­ment of an oil ter­mi­nal in Cyprus has boosted in­ter­na­tional con­fi­dence in for­eign in­vest­ments and com­mer­cial ac­tiv­i­ties in the coun­try which is at the cen­tre of de­vel­op­ments and can now be­come a re­gional en­ergy hub for Europe, Asia and Africa, ac­cord­ing to VTT Vasi­liko gen­eral man­ager Ge­orge Pa­panas­ta­siou.

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

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