The government of Cyprus has approved a plan to move the island's oil refineries from the outskirts of Larnaca to the industrial estate of Vassiliko, which is located 15 km east of Limassol.
But the transfer will not take place overnight. Quoted by the Cyprus Mail, Commerce Minister Nicos Rolandis said the move would take 2010, and in any case will first have to approved by the Larnaca Development Committee and the oil companies. An environmental impact study has also been ordered.
The environment has much to do with the move. Cyprus’ currently operating oil refineries are located in close proximity to both residential and tourist areas in Lanarca.
Cyprus, which is seeking membership in the European Union, is also obliged to harmonize its energy policies with those of the EU.
The Vassiliko refinery site will also include storage facilities for 90 days of reserve oil, as required by the EU. In contrast, the Larnaca facility has storage space for only 30 days' worth of oil.
Rolandis said that the oil companies will receive compensation to help cover the cost of relocation. But, he added, they will benefit richly from the increase in the value of the real estate they own in Lanarca. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
