By 2025 the state-run entity managing minimum oil stocks will have self-owned storage facilities, Energy Minister George Papanastasiou said on Monday.
Currently Kodap (Organisation for the Storage and Management of Oil Stocks) has no storage facilities of its own, so it has to rent from third parties.
Papanastasiou made the remarks while addressing the annual general meeting of Kodap.
He said the contract for the design, construction and maintenance of the self-owned storage facilities has just been signed, with the facilities expected to be completed within 2025.
The minister called the project as being of “strategic importance” for Cyprus.
Elsewhere in his comments, he congratulated the leadership of Kodap for managing to maintain 90 days’ worth of strategic oil reserves despite the restricted access to oil as a result of the war in Ukraine.
Established in 2003, Kodap is tasked with maintaining minimum stocks of crude oil and/or petroleum products.