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Today I would like to begin my address to the annual General Assembly of the Cyprus Petroleum Products Stockpile Management Organisation (CPSO) by thanking the dear Kiki Papadopoulou for the excellent cooperation we had during my time as Minister of Energy, Trade and Industry. Of course, for their contribution to the work of KODAP, I would also like to thank the other members of the Board of Directors, who, as I know, devote their personal time and effort to the operation of the Agency, as well as the employees who make a daily effort so that KODAP can meet its obligations.
Friends,
I understand that in recent months, the CFCA has, with some difficulty, fulfilled its obligation to maintain strategic stocks of petroleum products equivalent to 90 days of net imports. Limited access to reserves due to high demand from the market and major Member States, as well as very high prices for renting reserves and storage space, have undoubtedly been significant challenges for the Agency in 2023.
I want you to know that the Ministry is always by your side and I am confident that despite any difficulties, you will continue to successfully carry out your key mission. In any case, proper and timely planning, as well as continuous monitoring of stocks in terms of availability, quality and preparedness plans, are considered very important and should be on the daily agenda of the Agency.
As can be seen, the next objective of the CTO, namely the construction of a privately owned petroleum products storage terminal with an implementation horizon within 2025, is also a strategic priority for both the Agency and the Republic of Cyprus.
As can be seen, the next objective of the CTO, namely the construction of a privately owned petroleum products storage terminal with an implementation horizon within 2025, is also a strategic priority for both the Agency and the Republic of Cyprus. It is considered to be a project of the utmost importance with regard to the strategic energy autonomy of the State, while it will significantly mitigate the problems of finding and renting storage facilities from third parties at high cost. At the same time, it will make a substantial contribution to strengthening the Republic's energy security, since the reserves will be readily available on the market in the event of difficulties in the supply of petroleum products.
At this point, therefore, I would like to welcome the start of work on the project for the Design, Construction and Maintenance of the Private Terminal of the CMPC and to request all parties involved to promote the actions required for its implementation within the framework of the contract signed.
The 3rd major objective of the KODAP for 2024 is none other than the Design, Construction and Operation of the Fire Suppression System of the Vasilikos Energy Centre. As Chairman of the Ministerial Committee for the smooth and safe operation of the Vasilikos Energy Centre, I expect the Board of Directors to award the relevant tender as soon as possible, with the aim, precisely, to immediately start work on the implementation of the System, as the area hosts the critical energy infrastructure of Cyprus.
As you know, the Vasilikos Energy Centre, following the radical changes and decisions taken regarding the energy plans of the State, and until a suitable second energy pole is found and created, is now the only area hosting critical energy infrastructure. It is for this reason, therefore, that the Government is promoting, as a matter of priority, all necessary projects and infrastructure to ensure the security, protection and proper functioning of the Energy Centre.
Dear members of the General Assembly of the KODAP,
I would like to thank you for the important work you are doing and the personal effort that each of you is making so that the KODAP can meet the increased demands that arise.
I would like to thank you for the important work that you are doing and the personal effort that each of you is making so that the KODAP can meet the increased demands that arise. I am confident that the Agency will remain focused on maintaining Cyprus' petroleum product reserves at the lowest possible cost and with the greatest possible security against any crisis or threat, so that the Minister and the Government will be able to release the necessary quantities if and when needed.
In conclusion, I assure you that on the part of the Ministry of Energy, Trade and Industry, we remain your constant companions and partners.
Thank you.
(GA)
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