Cyprus' oil stocks amount to 208 thousand metric tons

Cyprus maintains oil stocks amounting to 208 thousand metric tons, stored in the premises of the Cyprus Petroleum Storage Company in the coastal city of Larnaca and in refineries in Greece, according to the Minister of Commerce, Industry and Tourism Neoclis Sylikiotis.

The remaining of the oil stocks Cyprus is obliged to maintain is covered by operational stocks of the Cyprus Electricity Authority and rented stocks abroad.

Addressing the General Assembly of the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS), on Friday, Commerce Minister said that currently COSMOS is faced with two challenges.

First its participation in the oil terminal to be built in Vasilikos where national stocks of oil will be stored and second the harmonization with the European Directive on the method for calculating stockholding obligations and the method for calculating the level of stocks held in case of emergency.

Sylikiotis said that the Dutch company Vopak has been chosen for the oil terminal of Vasilikos and negotiations have already started. He expressed hope that negotiations will soon be concluded in order to start building the terminal.

COSMOS has the obligation to maintain quantities that are equal to 90 days of inland consumption. The minimum oil stocks that are maintained by COSMOS are prescribed in an Order by the Minister. ??Copyright Famagusta Gazette 2012 All comments are now moderated

Source: http://famagusta-gazette.com/cyprus-oil-stocks-amount-to-thousand-metric-tons-p18250-69.htm

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