articles | 19 January 2015

EIB considers funding new oil storage terminal in Cyprus

The European Investment Bank has announced it is considering a proposal from the Cyprus Organisation for Storage and Management of Oil Stocks (KODAP) to fund a new strategic storage terminal in Vasilikos, on the country's southern coast.

The ΕΙΒ said it would provide €30 million out of the total cost of €40 million. The project provides for the construction of a 210,000 tonne petroleum tank farm for Cyprus' strategic oil reserves.

Source: CNA

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