Vitol Tank Terminals International (VTTI) will further increase capacity at its planned import and distribution terminal in the port of Vassiliko, Cyprus, amid competition from the local government.
"We'll push for another phase of this project allowing us to expand our terminal to at least 550,000 cubic metres," Rob Nejst, VTTI CEO, told Bloomberg.
Nejst said there are "commercial opportunities" for partnerships on the eastern Mediterranean island.
The announcement came after Cypriot Minister of Commerce, Industry and Tourism Antonis Paschalides said earlier this month the ministry plans to construct a fuel storage facility in Vassiliko.
In July, VTTI announced plans to develop a $128 million terminal at Vassiliko, allowing for a 340,000 cubic metres storage for gasoline, diesel, jet fuel and fuel oil.
The terminal is scheduled for completion in 2012.
VTTI, a subsidiary of Vitol Holding B.V. in the Netherlands, has a network of 11 terminals in five continents, including a major new terminal in Florida, USA, which opened in April 2010. In Europe, VTTI has major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.?
"We'll push for another phase of this project allowing us to expand our terminal to at least 550,000 cubic metres," Rob Nejst, VTTI CEO, told Bloomberg.
Nejst said there are "commercial opportunities" for partnerships on the eastern Mediterranean island.
The announcement came after Cypriot Minister of Commerce, Industry and Tourism Antonis Paschalides said earlier this month the ministry plans to construct a fuel storage facility in Vassiliko.
In July, VTTI announced plans to develop a $128 million terminal at Vassiliko, allowing for a 340,000 cubic metres storage for gasoline, diesel, jet fuel and fuel oil.
The terminal is scheduled for completion in 2012.
VTTI, a subsidiary of Vitol Holding B.V. in the Netherlands, has a network of 11 terminals in five continents, including a major new terminal in Florida, USA, which opened in April 2010. In Europe, VTTI has major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.?