FEBRUARY 2ND, 2018
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.
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.
