The recent discoveries of natural gas in the Eastern Mediterranean – in Israel, Cyprus, and Egypt – have raised hopes that the region can become an important energy source. Thinking and acting ahead of its time, the RPT Group identified the central role that Cyprus can play in facilitating regional development in the energy sector, and believed from the first start that it has what it takes to become the most important port and energy hub in the Eastern Mediterranean. It was this pioneering mindset that led, in 2006, to the licensing of the largest private oil terminal in Cyprus, and the first of its kind in the Eastern Mediterranean region, at Vasiliko, in the Limassol region, now connecting Europe and the Black Sea with markets in the Middle East and Asia.
Having worked tirelessly to identify the most appropriate investors for the project, it was finally bought in June 2010 by VTTI, an investment of close to €300 million for the development of the now full-operational terminal. Comprising 28 tanks with a capacity of 544,000 m³, RPT Group member VTS Vasiliko Terminal Services, operating under a license agreement signed with the Cyprus Ports Authority, is now offering services to the Terminal including pilotage, towage, mooring and sludge collection.