VTTV: Longevity In The Mediterranean

As VTTI celebrates 10 years of operations at its terminal in Cyprus, managing director, and vice president for the Mediterranean region, Thanos Patrikis, looks back at some of the highlights from the last decade [caption id="attachment_61471" align="alignleft" width="300"] Thanos Patrikis, managing director at VTTV[/caption] A core part of VTTI’s network is its terminal in Cyprus, also known as VTTV. Located in the Eastern Mediterranean, VTTV is the first and one of the largest energy storage and distribution terminals in Cyprus’ Vasiliko region. The initial private investment from VTTI to start up the terminal was nearly €300 million, the largest foreign direct investment in Cyprus’ energy sector and one of the largest investments ever made on the island. The terminal didn’t receive any state backing, so VTTI needed to invest heavily in the facility; one of the biggest challenges to the terminal’s existence. But this is also the terminal’s biggest achievement of the last decade. ‘The company proceeded with the investment, and today the terminal has 28 storage tanks with a total capacity of 545,000 m³ for fuel storage, as well as its own 1.5 km-long jetty in the...