articles | 01 July 2015

Cabinet approves Vitol for interim gas

The Council of Ministers has approved Dutch company Vitol as the temporary supplier of natural gas to the country, the press has learned.

The Natural Gas Public Company (DEFA) forwarded its decision on the preferred bidder for the so-called interim gas solution to the government last week.

Negotiations will now start in earnest to finalise details, with a deadline of concluding negotiations by July 31.

Vitol beat the consortium led by Greek-based M&M, which had been preferred by some. But prices considerations were a factor according to our sources. Doubtless the turmoil in Greece also informed the government’s decision.

Vitol Group also has the advantage of already being on the island. It has invested €300m in the new VTT Vasilikos oil storage terminal, which was completed last year and was inaugurated in May.

The Vitol Group is an energy and commodities company. Physical trading, logistics and distribution are at the core of the business, complemented by refining, shipping, terminals, exploration and production, power generation, mining and retail businesses.

Founded in Rotterdam in 1966, today the company has almost 40 offices worldwide. In 2013 the group traded 268 million tonnes of crude and oil products and generated revenues of around €250 billion.

Source: InCyprus

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