Vitol Tank Terminals International (VTTI) said Tuesday the construction of its oil storage terminal in Vassiliko, Cyprus, will commence in January 2011.
The terminal "will be built to world class standards with the highest safety and environmental standards in place," said VTTI President Rob Nejst.
The facility, which is a 50/50 joint venture with maritime corporation MISC Berhad, will be built by engineering firm Joannou and Paraskevaides (JP).
The first phase of the $128 million project will allow for a 340,000 cubic metres (m3) of storage for gasoline, diesel, jet fuel and fuel oil, VTTI said.
The storage capacity will be expanded to 550,000 m3 during phase two of the project.
With 20 tanks and a maximum draft of 17 metres, the terminal is expected to establish Cyprus as a major trading hub for oil products upon its completion in 2012.
VTTI currently has a network of 11 terminals in five continents, including a major new terminal in Florida, US and major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.
The terminal "will be built to world class standards with the highest safety and environmental standards in place," said VTTI President Rob Nejst.
The facility, which is a 50/50 joint venture with maritime corporation MISC Berhad, will be built by engineering firm Joannou and Paraskevaides (JP).
The first phase of the $128 million project will allow for a 340,000 cubic metres (m3) of storage for gasoline, diesel, jet fuel and fuel oil, VTTI said.
The storage capacity will be expanded to 550,000 m3 during phase two of the project.
With 20 tanks and a maximum draft of 17 metres, the terminal is expected to establish Cyprus as a major trading hub for oil products upon its completion in 2012.
VTTI currently has a network of 11 terminals in five continents, including a major new terminal in Florida, US and major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.