Plans to build a major state-of-the-art oil import and distribution terminal in the industrial area of Vassiliko were announced on Thursday in Nicosia, with Minister of Finance Charilaos Stavrakis describing the day as ``a very special day for the economy of Cyprus.``The terminal at Vassiliko, which is expected to be completed in 2012 at an investment exceeding EUR 100 million, will have 20 tanks with a total capacity of 347,000 cubic metres in phase 1, for gasoline, diesel, jet fuel and fuel oil, and will include four to six jetties.
It will be used to import products from the international market, supply products to the domestic market, and trade with the regional market, and will provide the opportunity to expand the storage.
Addressing a press conference, Stavrakis said ``today is a very special day for the economy of Cyprus,`` with an investment of 100 million EUR for phase 1 and possibly a further 100 million EUR for phase 2, the creation of a thousand new jobs for the construction of the terminal and many new jobs to operate it, and financial benefits for the state, apart from the fact that new technology was being introduced to the island.
