Aim to attract more investors the size of VTTV

By Evie Andreou

THE aim is to attract more investments just like the VTTV fuel storage terminal , Communications and Works Minister Marios Demetriades said on Friday during a visit to Vasiliko, where was given a tour of the facilities.

He added that the VTTV terminal is one of the biggest investments ever made in Cyprus and that this kind of investments offer many benefits to the country, “especially when they are made by companies the size of Vitol, which is one of the biggest in the world.”

He said that Cyprus will have significant revenue from this investment.
VTTV’s director George Papanastasiou said that since last November, when the terminal started operations, around 22 ships have docked for loading and offloading, the size of which has never been seen in Cyprus.

“The biggest one was a Suez max with a capacity of 120,000 tonnes,” Papanastasiou said of the visiting supertankers.

The terminal, with a storage capacity of 554,000 cubic metres, is presently at 90 per cent capacity with fuel stored by international giants used for trade, he said.

He added that the company boasts the only ‘catastrophic scenario’ fire extinguishing system in Cyprus which is portable and may be used around the island to extinguish large-scale fires.

On Friday, Demetriades also visited the nearby Vassiliko Cement Works where he met with the company’s director and the chairman of the company’s board.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.