KODAP fuel terminal in Vasiliko to be inaugurated in late November

The new fuel terminal owned by the Cyprus Organization for Storage and Management of Oil Stocks (KODAP) in Vasiliko is set to be officially inaugurated on November 24, 2026. President Nikos Christodoulides is expected to attend the ceremony for the facility, which features seven storage tanks with a total capacity of approximately 173,000 metric tons. Construction works are finalized, and all fuel reserves have been successfully relocated to the new site.

The project was officially handed over on June 3, 2026, marking a delay of about one year compared to the original schedule. Due to this delay, a penalty of 1.275 million euros was imposed on the contractor, representing the maximum 2.5% threshold stipulated in the contract. During a recent session of the Parliamentary Committee on Financial and Budgetary Affairs, the adequacy of this penalty was questioned by Auditor General Odysseas Michaelides, who expressed concerns that the amount might not fully reflect the actual damages incurred by the organization.

This development is described as a major milestone for the country's energy infrastructure security. While the technical completion is confirmed, ongoing parliamentary discussions highlight debates regarding the effectiveness of the contractual penalties applied to the project's late delivery.