Insider Economy Transport Minister: New industrial port of Vassilikos to be ready by 2023

Transport Minister: New industrial port of Vassilikos to be ready by 2023

The cost of construction of the new industrial port in Vasilikos which will operate as a service centre for the oil and gas industry in Cyprus and the wider region is estimated to reach  €250 million and expected to be ready by 2023.

Minister of Transport Vassiliki Anastassiadou told CNA that the Ministry was in the process of appointing a consultant to prepare the tender documents for the project.

The purpose of the tender is to choose an investor to undertake the expansion of the existing Vasilikos port with the  design-build-finance-operate-transfer (DBFOT) method. The Ministry aims to to begin the procedures as soon as possible.

As the Minister said, the cost of the port would be higher than originally estimated, since a larger port would be built, following the increased demand from oil and gas companies and companies providing support services for the industry not only in Cyprus but also neighbouring countries.

From an initial calculation, it is estimated that the cost of expansion will be around €250 million.

“The cost will be higher from what we were initially estimating, because the port will be bigger. There is demand from companies operating in oil and gas industry and this will be the main purpose of this port, to serve and support the oil and gas industry and generally obnoxious cargoes, that cannot be served in other ports,” said Anastassiadou.

As she said, this would be the industrial port of Cyprus for which there would be relevant standards

Until 2023, oil and gas companies will be operating in the port of Limassol, however its capacity is limited, especially in case of an increase in the activities of oil and gas companies.

At the end of 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), while ENI and Total are planning a new drilling round to involve five wells.

(Cyprus News Agency)

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