Strategic partnership for LPG logistics in Cyprus
HELLENIC PETROLEUM Group announces the strategic cooperation agreement with VLPG Plant Ltd. for LPG products logistics and distribution in the Cypriot market. At the same time, on 2 June 2021, the two parties have signed an agreement for a 32% participation of the HELLENIC PETROLEUM Group to the share capital of VLPG Plant Ltd. The agreement is subject to the approval of the Commission for the Protection of Competition (C.P.C.)
Petrolina (Holdings) Public Ltd, Synergas Ltd and Intergaz Ltd currently participate in VLPG Ltd JV. The activities of VLPG Plant Ltd include all phases of LPG logistics, with privately owned tanker offloading facilities, storage and distribution through LPG tanker trucks. The JV will also manage the bottling and maintenance of LPG cylinders that are distributed by marketing companies.
VLPG Plant Ltd. has undertaken the construction of the modern LPG plant in Vasiliko, which after its expansion is expected to manage approximately 32,000 MT of bulk and 24,000 MT of bottled LPG on an annual basis. Construction is expected to be completed by the end of 4Q21.