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Cyprus News Agency: News in English, 10-07-22

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>




    Plans to build a major state-of-the-art oil import and distribution terminal in the industrial area of Vassiliko were announced on Thursday in Nicosia, with Minister of Finance Charilaos Stavrakis describing the day as ``a very special day for the economy of Cyprus.``

    The terminal at Vassiliko, which is expected to be completed in 2012 at an investment exceeding EUR 100 million, will have 20 tanks with a total capacity of 347,000 cubic metres in phase 1, for gasoline, diesel, jet fuel and fuel oil, and will include four to six jetties.

    It will be used to import products from the international market, supply products to the domestic market, and trade with the regional market, and will provide the opportunity to expand the storage.

    Addressing a press conference, Stavrakis said ``today is a very special day for the economy of Cyprus,`` with an investment of 100 million EUR for phase 1 and possibly a further 100 million EUR for phase 2, the creation of a thousand new jobs for the construction of the terminal and many new jobs to operate it, and financial benefits for the state, apart from the fact that new technology was being introduced to the island.

    Replying to questions, Stavrakis said that the re-export of products through Cyprus was not directly related to the Cypriot market but noted that, if the Group wished to help solve the island`s energy problems and challenges, to bring natural gas, either cheaper or faster, to increase competition in the local market, this was a development the Government would herald.

    To questions regarding environmental issues, Vitol Tank Terminals International (VTTI) CO Rob Nijst said the Government has received an environmental impact assessment and approval has been given, adding that ``we will only work with the highest standards to minimise any risk for the environment and the people in any of the countries we work.``

    Replying to questions, Chairman of VTTI, Managing Director and Member of the Board of the Vitol Group Christopher Paul Bake said the terminal would help in the direction of reducing the size of cargos from supply points and increasing the size of cargos for re-export.

    Director of Corporate Affairs for the Vitol Group Mark Ware said most of the Middle East countries produce crude oil but have a demand for oil products and thus could be served by the Vassiliko terminal.

    To other questions, Nijst said the environmental and construction permits have already been obtained, and that large quantities of steel and concrete would have to be purchased and ``that is the preparation we are doing.``

    Nijst also said that ``we are looking forward to working with local companies, because it makes more sense, they understand the local market and they understand the local circumstances.``

    The Vitol Group was founded in 1966 in Rotterdam and is one of the world`s largest independent energy trading companies with revenues for 2009 reaching 143 billion dollars.

    The VTTI is a joint venture storage and terminal business with a current capacity of nearly six million cubic metres, with ambitions to grow to eight million cubic metres by 2013.

    It is half owned by Vitol and half by Malaysian based international shipping company MISC, and focuses on oil products and maintains the highest standards of safety, healthy and environmental management, as well as customer service, and its growth strategy is to grow the terminal network at the crossroads of major trading and shipping lanes.


    Special Adviser of the UN Secretary-General Alexander Downer has said that the leaders of the two communities had a long meeting Thursday, while they focused on the issue of property.

    In statements following Thursdays meeting, he said that the discussion would be continued on Monday by the representatives of the two leaders in his presence, adding that after the representatives meeting, the leaders will get together next Wednesday to talk some more about the issue of property.

    Asked to comment on statements made by the two sides during the 36th anniversary of the Turkish invasion in Cyprus and whether these statements had a negative impact on the ongoing talks, he said that this is for all Cypriots whether they are Turkish Cypriots or Greek Cypriots a difficult time, adding that it is a time when people focus on history and focus on the past.

    He noted that the important thing is that the leaders are working towards the future, they are not working towards the past, you cant revisit the past. You can only live in the presence and the future, and the leaders are working towards the future, and we in the United Nations are very encouraged by that.


    German Minister of Foreign Affairs Guido Westerwelle will pay Cyprus a two-day official visit at the invitation of Minister of Foreign Affairs Marcos Kyprianou.

    The German Minister will be received on Friday by the President of the Republic Demetris Christofias and have talks with the Minister of Foreign Affairs.

    Bilateral relations, the Cyprus issue, Euro-turkish relations and international issues of common interest will be on the agenda of the talks.


    Minister of Finance Charilaos Stavrakis has expressed optimism ahead of Fridays announcement of the results of the European banks test.

    ``The results of the tests will be announced Friday afternoon, the Minister told reporters Thursday, adding that ``91 European banks will be tested, two of which are Cypriot banks, the Bank of Cyprus and Marfin Popular Bank.

    He expressed optimism that due to the good supervision on behalf of the Central Bank of Cyprus and the good management of the Cypriot banks, the Cypriot banks will not face any important problems.

    Stavrakis added that in the very unusual event that any Cypriot bank faces any problems, the government of Cyprus is determined and committed to help.

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