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Signature(s)

Amount
€ 35,000,000
Countries
Sector(s)
Cyprus : € 35,000,000
Energy : € 35,000,000
Signature date(s)
28/12/2017 : € 35,000,000

Summary sheet

Release date
14 January 2015
Status
Reference
Signed | 28/12/2017
20140302
Project name
Promoter - financial intermediary
KODAP STRATEGIC OIL RESERVES STORAGE - CYPRUS
CYPRUS ORGANISATION FOR STORAGE AND MANAGEMENT OF OIL STOCKS
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 35 million
EUR 53 million
Location
Sector(s)
Description
Objectives

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.

Environmental aspects
Procurement

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.

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).

Documents

Environmental and Social Impact Assessment (ESIA) - KODAP STRATEGIC OIL RESERVES STORAGE - CYPRUS - Environmental Impact Study
Publication Date
17 Dec 2017
Document language
Main Topic
Lending
Document Number
80354253
Document Focus
Environmental Information
Project Number
20140302
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Data Sheet (ESDS) - KODAP STRATEGIC OIL RESERVES STORAGE - CYPRUS
Publication Date
21 Mar 2018
Document language
Main Topic
Lending
Document Number
54209782
Document Focus
Environmental Information
Project Number
20140302
Sector(s)
Regions
Countries
Publicly available
Download now

News & Stories

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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