The European Investment Bank is to give €35 million to the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) to build a 210,000 tonne privately owned storage facility.
The project will focus on enhancing energy efficiency and improve Cyprus`s energy security by increasing the amount of reserve oil stocks held in the country.
“The EU’s Energy Union strategy aims to make energy more secure and affordable,” said Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness.
“This first EFSI project in Cyprus with COSMOS will help us meet those goals. I encourage more project promoters in Cyprus to contact the EIB with their investment proposals in order to continue boosting growth and creating jobs,” stated the Commission Vice President.