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Royal Vopak Plans Fuel-Tank Project in Crete, Kathimerini Says

July 12 (Bloomberg) -- Royal Vopak NV, a tank-storage provider based in the Netherlands, applied via Greece’s fast-track investment program to build fuel-storage tanks in Crete, Kathimerini reported, without citing anyone.

The project, worth as much as 500 million euros ($611 million), would employ 1,500 people during construction and create 200 permanent jobs on completion, the newspaper said.

Vopak representatives have met with officials in Crete to discuss the project, which would increase competition in the island’s fuel market as all existing storage tanks are controlled either by Hellenic Petroleum SA or by Motor Oil Hellas SA, Kathimerini said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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