SUNDAY, 19 MAY 2019

 

CONNECT

Facebook Linked In Twitter
Leptos_Estates_15/04-15/07_728x90px
GloriaJeans_266x90px
IMH LTD

New CBC Governor Warns Over Delays on Foreign Transactions

Syllouris and Russian Delegation Reconfirm Cyprus-Russia Close Relations

IMH LTD
GAP_Group_2018_468x60px

BUSINESS

brought to you by Deloitte

Petrolina Relocates Installations to the New Terminal at Vassiliko

Petrolina Relocates Installations to the New Terminal at Vassiliko

Media representatives were recently able to witness one of the largest investments ever undertaken by a Cypriot company, during their guided tour at the new fuel terminal at Vassiliko.

Petrolina, once more, leads the sector with the relocation of its facilities from Larnaca. It is the first petroleum company in Cyprus to invest in infrastructure for the storage and management of liquid fuels at Vassiliko, proofs of its dynamism and vision.

"Our philosophy over time is to always be self-sufficient.” Costakis Lefkaritis, Executive Chairman of the company, stressed in his address, welcoming the media to the new terminal. He also added that “Today we are pleased to announce that the time schedules signed with the government will be met, as long as the permits are also granted according to the expected time schedules."

Dinos Lefkaritis, Petrolina’s Managing Director (CEO), highlighted the technological advances made at Vassiliko, where the ultramodern facilities, which meet all European standards, include a fully automated terminal, the latest technology in additives, which enable the company to offer excellent quality products. “Products”, he emphasised, “with all the safeguards for safety, both for the environment and for the neighbouring areas.”

Demetris Mavromichalos, Petrolina's General Manager of Operations, in his presentation of the facilities, explained that the total investment is expected to exceed €80 million, and the new facilities will be completed on time, by the end of 2019.

This impressive project will allow the most modern and immediate service for the loading of oil tankers and for distribution. Upon its completion it will be able to meet the needs of the whole of Cyprus as well as needs of international markets.

The project is being completed in two phases:

Initially, Petrolina purchased Total Aviation in 2003. The agreement included the leasing of two fuel storage tanks from Vassiliko Cement Works Public Co. Ltd. This was the first step toward the relocation of the facilities after the relevant agreement with the Cyprus government and the Larnaca Municipality.

In 2004, Petrolina proceeded to transfer the storage of all the aviation fuel (JETA-1) to the Vassiliko facilities. At that time only land fuels (diesel and petrol) remained at its Larnaca installations.

Phase 1:

From 2005 to 2011: With the leasing of three additional fuel tanks, Petrolina relocated its heavy fuel products (LFO/HFO light and heavy fuel oils) and marine diesel to Vassiliko.

During the same period, Petrolina upgraded the loading and unloading facilities for oil tanker-ships at the Vassiliko port and constructed 6 new pipelines for the transfer of fuel from the port to its facilities.

In 2012 Petrolina purchased land, with an area of 49,050 m2, and seven fuel tanks from the Vassiliko Cement, and began expanding the terminal with the construction of seven additional tanks and pipelines for the loading and unloading of oil tanker-ships.

Phase 2:

Petrolina proceeds with the construction of four additional fuel tanks. Demolishing three older tanks, constructs three new ones with double capacity. It also adds a state-of-the-art loading system for road tankers and upgrades its additives technology to the latest European standards. It also proceeds with the construction of new offices and other support buildings.

Upon completion of phase 2, the Petrolina Vassiliko terminal will consists 18 fuel tanks with a total capacity of 113.000 m3 for all types of fuels, 77.000 m3 more than its Larnaca installations.

For Petrolina all the safety and quality controls, as well as the environmental protection systems with which the installations are being constructed are of paramount importance.  

The Company places equal importance in maintaining close cooperation with the local communities in the area, supporting them in various community projects and offering employment opportunities.

It is worth highlighting that Petrolina, a truly Cypriot company, is able to compete with all the multinationals in the market, and to lead in such a highly competitive sector.  It is the only petroleum company in Cyprus that will be fully operational with its own facilities within the agreed timelines.

MORE ON BUSINESS

Artificial Intelligence and Internet of Things to be Discussed at the 9th ICT Conference & Exhibition

The 9th Information and Communication, Technology Conference & Exhibition, presented ...

Lisa Hooker: Connected Consumers Shift from Products to Experiences

Lisa Hooker, PwC’s Partner and UK Leader of Industry for Consumer Markets, ...

Challenges and Possibilities of Digital Transformation Discussed at Going Global 2019

Around 1,000 delegates from more than 85 countries have gathered at the world’s ...

FROM AROUND GOLDNEWS

   

Syllouris and Russian Delegation Reconfirm Cyprus-Russia Close Relations

The longstanding close and friendly relations between Cyprus and Russia at all levels were reconfirmed during a meeting President of the House of ...
   

EC Marks the International Day against Homophobia, Transphobia and Biphobia

Friday 17 May, marks the International Day against Homophobia, Transphobia and Biphobia, calling attention to discrimination suffered by the lesbian, gay, ...
   

IDC MarketScape Names EY a Leader for Business Consulting Services

EY has been recognized as a leader for business consulting services in all geographies by the IDC MarketScape: Business Consulting Services 2019 Vendor ...
   

QIWI Appoints Interim Chief Financial Officer

QIWI plc, a leading provider of next generation payment and financial services in Russia and the CIS, today announced the appointment of Varvara Kiseleva, ...
   

Amazon Invests in Food Courier Service Deliveroo

The online giant is the lead investor in a $575m financing round, The Guardian reports. Amazon is investing millions in Deliveroo in a boost to the UK food ...
   

Artificial Intelligence and Internet of Things to be Discussed at the 9th ICT Conference & Exhibition

The 9th Information and Communication, Technology Conference & Exhibition, presented by IMH, will take place on Friday, June 7, 2019 at Hilton Park Hotel ...
   

Burberry to Close One in 10 Stores Worldwide

Burberry is closing one in 10 stores around the world as part of an overhaul designed to take the luxury fashion brand more upmarket, The Guardian reports. ...
   

New CBC Governor Warns Over Delays on Foreign Transactions

Constantinos Herodotou, the new Governor of the Central Bank of Cyprus (CBC), called on the Cypriot banks to invest in technology and staff training to speed ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Issue_300x250px

IMH LTD