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EIB to Provide Eur 35M for Reserve Oil Stocks in Cyprus
Posted on: 2/5/2018 7:26:26 AM under General News
The European Investment Bank (EIB) has agreed the first infrastructure project in Cyprus under the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, the European Commission said in a press release on February 2.
The EIB will provide Eur 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 Juncker Plan-backed project will focus on enhancing energy efficiency and it will improve Cyprus's energy security by increasing the amount of reserve oil stocks held in the country.
As reported in Gold News.