Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis announced, on Wednesday, that the Cabinet decided to move the country`s storage of oil stocks to the energy hub in Vassiliko, on the southern coast.
In statements after today`s Cabinet meeting, Lakkotrypis said the master plan for the creation of an energy hub in Vassiliko is complete and the Cabinet has taken two decisions which constitute a concrete step towards moving the stocks from Larnaca, where they are stored today, to Vassiliko.
Firstly, he noted, the Cyprus Company for Storage of Oil Stocks will be privatised, apart from its chemistry lab which is specialised and will remain in the remit of the public sector.
Secondly, he added, the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) has been given the go ahead for the construction of a storage plant in Vassiliko.
The move, Lakkotrypis said, is expected to have been completed by the beginning of 2017.
