The completion and handover of the Cyprus Organisation for Storage and Management of Petroleum Stocks (KODAP) own terminal at the Vasilikos Energy Centre, an investment of more than €50 million, is an important contribution to Cyprus’ energy security and resilience, Energy Minister, Michalis Damianos, said on Monday.
Speaking during KODAP’s 23rd Annual General Meeting for 2025, Damianos said the terminal, completed and handed over at the end of June 2026, has seven tanks and now holds most of KODAP’s own petroleum stocks. The facility allows stocks to be released immediately for consumption in the event of a supply disruption, while significantly reducing storage costs compared with rented facilities.
“The completion of the Terminal therefore constitutes a substantial investment in the energy security and resilience of our country,” Damianos said.
He noted that Cyprus is highly dependent on imported fuels and remains energy-isolated, without electricity or natural gas interconnections with the European network. KODAP is responsible for maintaining petroleum stocks equivalent to 90 days of net imports, which must be physically accessible and available for release in the event of a major supply disruption.
Damianou said recent developments had demonstrated the importance of operational preparedness, noting that national aviation fuel stocks had been released in 2023, 2024 and 2025 to address supply disruptions and an unexpected increase in demand, particularly amid the situation in the region and the repatriation of thousands of foreign nationals through Cyprus.
He also stressed that energy security requires continuous risk assessment, adequate infrastructure and operational readiness, particularly amid geopolitical instability, disruptions to international supply chains and uncertainty in energy markets.
The Minister said the protection of critical energy infrastructure and emergency preparedness were government priorities, noting that most of Cyprus’ energy infrastructure is located at Vasilikos.
He added that KODAP has been tasked with designing and constructing a firefighting system covering the entire Vasilikos Energy Centre, with completion expected in February 2027.
“The developments of recent years confirm that energy security cannot be taken for granted, but requires constant vigilance, adequate infrastructure and effective cooperation among all stakeholders,” Damianos said.
