Real Estate · Cyprus
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AI-synthesised from 3 sources · no editorial bias
A major development project named "Land of Tomorrow" has been proposed for the site of Larnaca's former oil refineries, amounting to an investment of €533 million. This project, which is recognized as the second largest private investment in Larnaca county, follows the construction of the local airport and excludes previous unsuccessful plans for the development of a marina and port. The proposal has been submitted by the Petroline Group, aimed at revitalizing the area that has been unused following the closures of the oil facilities.
An Environmental Impact Assessment Study (EIAS) has been filed with the relevant authorities, detailing the project's scope and design. This assessment outlines how the development intends to significantly transform the landscape of the former refinery site, although specific elements of the plan are still pending approval. Community and environmental considerations are expected to be integral to the project as it progresses through the regulatory framework necessary for construction.
12 July
Petrolina plans €500 million developments at the former refineries over the next 15 years.
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