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Aiming at the rational management and utilization of the Vassilikos area, an industrialized area with a large number of diversified uses, the Republic of Cyprus prepared the first Master Plan of this region in 2009.

The Vasilikos area, the only available coastal heavy industry zone in Cyprus, was selected as the most suitable location for the construction of the Vasilikos Energy Centre (VEC), due to its location and morphology. The VEC was originally planned to be comprised of import facilities, storage of strategic and operational oil reserves, management, distribution and export of petroleum products (oil terminal), as well as import, storage and regasification facilities of Liquefied Natural Gas (regasification terminal).

However, after the discovery of the "Aphrodite" natural gas field in Block 12 in the Republic of Cyprus’ EEZ by Noble Energy International Ltd, the initial plans of the Republic of Cyprus regarding the VEC were revised. The new data, the potential discovery of further significant gas resources in the EEZ of Cyprus, the relocation of the oil storage facilities from Larnaca to Vasilikos and the smooth operation of existing installations, resulted to the need to update the Master Plan of Vasilikos area in order to create a framework that would enable the optimum industrial development of the area.

More specifically, the Master Plan was aiming to allocate the land for the possible extension of the LNG Plant, the oil and liquefied petroleum gas (LPG) facilities, and the space for the development of gas based industries (eg. petrochemical industries), taking into consideration environmental, safety and compatibility criteria, as well as the needs for additional infrastructures.

The greater Vasilikos Area was defined as the study area for the Master Plan, which is located on the south coast of Cyprus, about 25 km east of Limassol, 30 km southwest of Larnaca and 40 km south of Nicosia. The area is delimited to the west by the boundary of the Naval Base "Evangelos Florakis", to the north by the A1 Nicosia - Limassol motorway, to the south by the coastline including the relevant offshore area in the entire Vasilikos Bay.

The final Master Plan (currently the Strategic Environmental Assessment has been completed and is in the process of evaluation from the relevant environmental Committee) includes specific developments and recommendations for the adoption of planning zones for specific uses, as described below:

- The existing facilities of EAC Vasilikos Power Plant, Vassiliko Cement Works (VCW), Vasilikos Port, VTTV Ltd and Petrolina.
- LNG zone comprising of:

    o LNG Phase 1 - space for up to three LNG Trains of 5 MTPA capacity each, as well as space for LNG storage tanks, other auxilliary facilities and the necessary access,
    o LNG Phase 2 - space for up to two LNG Trains, of 5 MTPA capacity each, as well as space for additional LNG storage tanks and other auxilliary facilities (the LNG Phase 2 will not be required until additional natural gas discoveries of more than 20 - 25 Tcf are discovered), and
    o LNG jetty, designed for multiple uses: import/ export of LNG and possibly HFO and other oil products import/ export.
- Oil and LPG facilities and gas-based industries zone (petrochemical industries), comprising of:
    o Phase 1 oil storage – including VTTV and Petrolina oil storage terminals,
    o Phase 2 oil storage,
    o LPG storage in pressurized mounded tanks, in the north of the zone, and
    o Gas-based industries, e.g. Methanol Plant and Gas Compressor Station.
- A Protection Planning Zone of 500 m width around the LNG zone and 400 m around the oil storage & gas-based industries zones.
- Future quarrying zone for the Vassiliko Cement Works.
- Zones for offices and workshops.

The Master Plan also includes provisions for installation of new import and export berths:
- LNG jetty and berths,
- Dedicated LPG berth,
- Bitumen berth (possibly combined with the LPG import berth), and
- Spur off the VTTV jetty to provide additional oil import capacity.

The implementation of the Master Plan will require in the future additional infrastructure (e.g. new / upgraded road network).