Cyprus: VTTI Signs Agreement for Construction of Vassiliko Receiving and Storage Terminal

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Researched by Industrial Info Resources (Sugar Land, Texas)-- VTTI (Rotterdam, Netherlands), which is 50% owned by Vitol Holding BV (Rotterdam,) and 50% by MISC Berhad (Kuala Lumpur, Malasya), with VTTI Vassiliko Limited, recently awarded a contract to J&P Group (London,, England) to perform construction of a new refined petroleum products receiving and storage terminal in Vassiliko Port, Larnax. The project will consist of building storage tanks in two phases in conjunction with a marine jetty with four berths and loading arms for loading and discharging products.

VTTI Vassiliko with J&P Group will start with the selection of subcontractors in May. VTTI Vassiliko expects J&P Group to begin tank construction in the first week of May. The first phase of the project is expected to be completed during the first quarter of 2013, followed by the second phase in April 2014.

VTTI is currently planning another project--a new bulk liquid storage terminal in Algeciras Bay, Spain. Construction is planned to start the last quarter of 2013 and will be completed in late 2015.

With the completion of the Vassiliko Terminal project, Cyprus will become an important area for commercial activities and import and export of refined petroleum products between Southeastern Europe, North Africa and Asia.

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