articles | 02 February 2018

EU to provide €35m for Cyprus oil stocks

The European Investment Bank is to give €35 million to the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) to build a 210,000 tonne privately owned storage facility.

The project will focus on enhancing energy efficiency and improve Cyprus` energy security by increasing the amount of reserve oil stocks held in the country.

“The EU’s Energy Union strategy aims to make energy more secure and affordable,” said Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness.

“This first EFSI project in Cyprus with COSMOS will help us meet those goals. I encourage more project promoters in Cyprus to contact the EIB with their investment proposals in order to continue boosting growth and creating jobs,” stated the Commission Vice President.

Source: Cyprus Mail

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