2019/03/16 09:55:54 | Code: 184225 |

Cyprus’s new industrial port of Vassilikos to operate in 2023

The construction of the new industrial port of Vassilikos is expected to begin operations in 2023, as Cyprus News Agency reports. The port will operate as a service centre for the oil and gas industry in Cyprus and the wider region, and its costs will be around €250 million.

TINNews |

The construction of the new industrial port of Vassilikos is expected to begin operations in 2023, as Cyprus News Agency reports. The port will operate as a service centre for the oil and gas industry in Cyprus and the wider region, and its costs will be around €250 million.

As Minister of Transport Vassiliki Anastasiadou commented the Ministry is looking for a consultant to prepare the tender documents for the project.

The aim of the tender is to opt for an investor to conduct the expansion of the existent Vasilikos port with the design-build-finance-operate-transfer (DBFOT) method.

The Ministry will begin the procedures as soon as possible.

The Minister commented that the cost of the port will be higher than firstly estimated as they are constructing a larger port.

In addition, the expansion of the port was decided due to increased demand from oil and gas companies and companies providing support services for the industry not only in Cyprus but also neighbouring countries.

Until the port of Vasilikos is ready to operate, oil and gas companies will be operating at the port of Limassol, which has a limited capacity.

Concluding, in late February ExxonMobil announced a gas finding estimated at 5-8 trillion cubic feet, and its intention for further drilling in the Cypriot Exclusive Economic Zone (EEZ).