The construction of a privately-owned petroleum storage terminal, set for completion by 2025, is of paramount importance for Cyprus' strategic energy autonomy, stated Energy, Commerce, and Industry Minister, Mr. Giorgos Papanastasiou, during the annual General Assembly of the Cyprus Petroleum Storage Management Organization (KODAP).

Minister Papanastasiou emphasized that the terminal's significance lies not only in bolstering the nation's energy independence but also in addressing challenges of sourcing and renting storage spaces from third parties, often at exorbitant costs. "This move will considerably enhance our nation's energy security, ensuring that reserves are promptly available in the market during any potential supply disruptions," he added.

On this occasion, Papanastasiou also welcomed the initiation of work for KODAP's terminal project, including its study, construction, and maintenance. He urged all stakeholders to expedite the necessary steps within the confines of the signed contract. Additionally, the Minister highlighted the planning, construction, and operation of the Firefighting System at the Vasilikos Energy Centre as a major goal for KODAP in 2024.

Addressing KODAP's General Assembly, the Minister recognized the challenges the organization faced in recent months, particularly in maintaining strategic petroleum reserves equivalent to 90 days of net imports. Limited access to reserves due to high market demand and elevated rental prices for storage spaces posed significant challenges for KODAP in 2023.

Emphasizing the importance of proper planning and continuous monitoring of the reserves in terms of availability, quality, and readiness, Papanastasiou said, "Such facets ought to be an everyday priority for the organization."

Confidently, Mr. Papanastasiou expressed that KODAP will remain resolute in preserving Cyprus' petroleum reserves at the lowest possible cost while maximizing security against any crisis or threat. He assured that, when needed, the government will be in a position to release the necessary quantities promptly.

In a supporting statement, the Chairwoman of the Board, Ms. Kiki Papadopoulou, confirmed that strategic reserves are readily available for immediate release in case of any fuel supply disturbances, upon the directive of the Energy Minister. This measure ensures the seamless operation of Cyprus' critical infrastructures and activities.