The new £67.5 million Petrolina liquid fuels storage facility at Vassiliko in Cyprus has been inaugurated by the country’s president, Nicos Anastasiades, Petrolina said in a release.

The stock exchange-listed company with the Lefkaritis family as its majority shareholder has tripled its capacity by installing 18 storage tanks holding 113,000 cubic metres, compared to the 36,000 at the old terminal in Larnaca.

International energy trader VTTV has already set up ship-to-shore facilities at Vassiliko, and the oldest of Petrolina’s fuel tanks on the Larnaca-Dhekelia road have been decommissioned (their dismantling is about to get underway). 

At the inauguration ceremony, Anastasiades said: “This move will allow for Larnaca’s coastal area to be developed, which has been a demand of the town and surrounding communities for decades.”

He also said that his administration is investing some £65.8 million in the town: “In about 2-3 years, Larnaca will be one of the most modern and beautiful towns in terms of economic development and quality of life, as well as for tourism …This will be the rebirth of Larnaca.” 

A further £169 million is being invested in the Vassiliko energy hub, in addition to the £253 million investment by VTTV. As of January 1, the company is supplying Cyprus from the new high-specifications liquid fuels terminal.

Dinos Lefkaritis, the company’s second-generation CEO, said the foundations for this venture were laid in 2003 when Petrolina bought out Total Aviation, and with it two storage tanks in the Vassiliko hub, “effectively taking the first step in moving out of Larnaca.”

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28th January 2020