* Initial investment exceeds 100 million euros
* Set for completion H2 2012
* To hold 340,000 cubic metres of oil products
NICOSIA, (Reuters) - Vitol [VITOLV.UL], the world's largest energy trader, plans to build an oil import and distribution terminal in Cyprus, it said on Thursday.
Vitol Tank Terminals International (VTTI), a wholly owned subsidiary of Vitol Group, said it expects the project to be completed by 2012 at an initial cost of more than 100 million euros ($127.6 million).
The terminal in the southern coastal region of Vassiliko would provide 340,000 cubic metres of storage for gasoline, diesel, jet fuel and fuel oil.
"This terminal will turn Cyprus into a regional oil product hub allowing us to export products from this terminal into other parts of the east Med," VTTI CEO Rob Nijst told a news conference in the Cypriot capital Nicosia.
More at Reuters ... http://af.reuters.com/article/energyOil ... 1Q20100722
... and in a few days time at the CY Mail
_____________________
baycrap
