Vitol Tank Terminals International Plans Petroleum Distribution Center in Cyprus

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Researched by Industrial Info Resources (Sugar Land, Texas)--Vitol Tank Terminals International (VTTI) (Rotterdam, Netherlands), a member of the Vitol Group (Geneva, Switzerland), has announced plans to build a 100 million-euro ($130 million) oil import and product distribution center in the heavy industrial area at Vissalikos on the southern coast of Cyprus.

The proposed terminal will be built, owned and operated exclusively by VTTI and will have the capacity to store about 340,000 cubic meters of various oil products, including diesel, jet fuel, gasoline and fuel oil. In addition the storage facility, a jetty will be constructed to handle seagoing vessels.

VTTI had been evaluating possible sites for a new oil terminal in different countries before deciding on Cyprus. According to VTTI CEO Ian Taylor, "The country's geographical location and its membership of the E.U. made it the right place for this project."

The terminal will receive oil products from international oil markets, redistributing the products to eastern Mediterranean markets, as well as the Cyprus market.

Construction is expected to start within the next few months at the site, which is in the Greece-controlled southern area of the island. The schedule calls for the terminal complex to be completed in 2012, and VTTI hopes to establish Cyprus as a major Mediterranean oil-trading hub.

VTTI, which has a successful record of constructing and operating similar terminals around the world, will also make other investments in key local projects in Cyprus to further benefit the community.

Vitol is the world's largest independent energy trader with a portfolio that includes crude oil, natural gas, liquefied natural gas (LNG), coal, oil products, power and carbon credits. The company trades more than 5.5 million barrels of crude oil and refined products each day.

VTTI has a gross storage capacity of almost 6 million cubic meters, placing it among the top 10 independent tank terminal operators in the world. The company operates in 11 countries across five continents, with major terminals in Amsterdam and Rotterdam in the Netherlands, Fujairah in the United Arab Emirates, and Florida in the United States.

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