Two projects costing €150 million are planned at the Vasiliko storage terminal in Cyprus for VTT Vasiliko (VTTV), which is a subsidiary of Dutch energy trader VTTI.

At present, the VTTV terminal has 28 tanks with a total storage capacity of 545,000 m3, storing diesel, gasoline and jet fuel, a deep-water marine jetty, and road tanker loading facilities. It was completed in November 2014 at a cost of €300 million.

VTTV CEO George Papanastasiou said the existing jetty can be adapted for Cyprus’ upcoming floating storage and regasification unit (FSRU).

At the site there is a project underway to build a small, private LNG terminal, costing €15-20 million, which it said will serve the local market and export to nearby markets, such as Lebanon.

Papanastasiou said that the second, larger project, costing €120-130 million, will increase the storage capacity to store the Euro-spec output of a major regional refiner to supply European markets.

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23rd October 2020