Summary sheet
Construction of a 210 000 t petroleum tank farm for Cyprus’s strategic oil reserves.
The project aims to improve Cyprus’s energy security by increasing the percentage of reserve oil stocks held in the country. The new facilities will replace the current storage facility in Larnaca, which is no longer fit for purpose.
The project falls under Annex I of the Environmental Impact Assessment (EIA) Directive and the Vasilikos industrial area requires the completion of a strategic environmental assessment (SEA).
The Bank will require the promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2004/18/EC and/or 2004/17/EC as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.
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