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Cyprus News Agency: News in English, 13-04-03

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From: The Cyprus News Agency at <>


  • [01] VTTI expresses its confidence in Cyprus

  • [01] VTTI expresses its confidence in Cyprus

    VTTI B.V., one of the world's independent energy storage companies, reaffirmed its support and commitment to Cyprus where its subsidiary, VTT Vasiliko Ltd, is developing a major oil storage terminal.

    According to a press release, commenting on the recent economic turmoil in Cyprus, Rob Nijst, CEO of VTTI, drew a positive picture of the prospects of the country as an energy hub and announced even bigger investments. "Our commitment and confidence in Cyprus remains as strong as ever.

    The project is proceeding according to plan and almost 12 tanks are now completed. In total we expect to invest around €300 million, generating employment during the project and also after its completion.

    We see Cyprus as a future energy hub of the Eastern Mediterranean, and an attractive place in which to invest. In fact, we are already exploring the possibility of expanding the scope of the project to include marine bunkers," he said. George Papanastasiou, Managing Director of VTT Vasiliko Ltd, stressed the importance of the project for the fragile economy of Cyprus, noting that this investment will bring significant economic benefits in the midst of a severe economic downturn.

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