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DP World Limassol, the port management company overseeing Limassol port, is strategically positioning itself as a prime service centre for the growing oil and gas operations in the region, according to CEO Simon Pitout.
In a recent analysis, Pitout underscored Cyprus's unique geographical location at the crossroads of Europe, Africa, and the Middle East, which positions it to become a crucial energy hub. He emphasized the significant natural gas discoveries in Cyprus's Exclusive Economic Zone (EEZ), estimated at 12-15 trillion cubic feet, and the nation's plans to strengthen energy collaborations with Greece, Israel, and Egypt, as key factors driving the island's potential in the energy sector.
"Operating the only terminal in Limassol port that offers exclusive integrated operations for the energy sector, DP World is a significant driver of growth for the energy and maritime sectors, as well as the island's economy," Pitout stated.
He also noted the growing interest in Cyprus regarding virtual pipelines for natural gas transfer and the European Union's support for liquefied natural gas (LNG) as a transitional fuel.
Pitout explained that DP World delivers supply chain solutions tailored for the energy industry, emphasizing flexibility, transparency, environmental responsibility, and cost-efficiency. These solutions support the development and production phases of the energy lifecycle, particularly to and from offshore fields.
The company's multipurpose terminal features integrated logistics services and dedicated areas for supply and service companies, as well as dedicated berths for oil and gas activities to ensure seamless operations and efficient supply chain management.
Pitout mentioned that DP World Limassol has invested in assets and personnel expertise to facilitate mobilization and demobilization operations, enabling smooth transitions and minimized downtime. The company also offers secure and efficient storage solutions through open bonded areas and covered storage/warehouses.
Additionally, DP World Limassol provides dedicated office space and drilling fluid production facilities to support the diverse needs of the industry.
The company has already supported major energy sector players, including Exxon, ENI, and Total, during exploration phases in Cyprus's Exclusive Economic Zone and logistics for projects in the wider region, such as Egypt's Zohr and Israel's Leviathan and Karish offshore fields.
Pitout expressed confidence in DP World Limassol's ability to assist Cyprus in realizing its ambitious goals, transforming it into a thriving energy hub. He stated, "At DP World Limassol, we are committed to fostering growth, driving innovation, and creating even more sustainable opportunities with our public sector and energy sector partners. Together, we are building the platform for Cyprus to establish itself as a prominent player in the Mediterranean energy landscape."
DP World Limassol's strategic initiatives align with Cyprus's aspirations to leverage its strategic location and energy resources for economic growth and development in the energy sector.
By fLEXI tEAM