In November, 2014, VTT Vasiliko Ltd (VTTV) opened a US$342 million oil storage terminal for business. VTTV is a subsidiary of VTTI B.V., which is an independent provider of energy storage worldwide. The new terminal is located at the south coast of Cyprus, between Larnaca and Limasol. Its strategic location makes it the first terminal of its kind in the Eastern Mediterranean, connecting Europe and the Black Sea with markets in the Middle East and Asia.
The terminal currently comprises 28 tanks and has a capacity of 544,000 metres cubed and offers access to a deep water marine jetty with four berthing positions. The jetty can accommodate tankers from 5,000 DWT to 160,000 DWT. The terminal serves as a hub in the Eastern Mediterranean to capture the flows of middle distillates, gasoline and fuel oil. An expansion of the terminal for crude and fuel oil is currently under evaluation and would create a further capacity of 305,000 metres cubed.
Special features of the terminal
The VTTV terminal is the first terminal where the main marine operations are the responsibility of the terminal. Usually, the marine operation is the responsibility of a port authority. In this case, VTTV had to set up other entities with the purpose to provide such services in order to be better equipped, flexible and competitive. VTTV also had to develop the marine procedures for the terminal and implement these procedures in the operational handbook of the terminal, with the approval of the Cyprus Ports Authority (CPA), the regulatory body and service…
