Release date: 14 January 2015
Promoter – Financial Intermediary
CYPRUS ORGANISATION FOR STORAGE AND MANAGEMENT OF OIL STOCKSLocation
Description
Construction of a 210 000 t petroleum tank farm for Cyprus’s strategic oil reserves.
Objectives
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.
Sector(s)
- Energy - Transportation and storage
Proposed EIB finance (Approximate amount)
EUR 35 million
Total cost (Approximate amount)
EUR 53 million
Environmental aspects
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).
Procurement
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.
Status
Signed - 28/12/2017
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).