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It will be able to process and export up to 130, 000 barrels of oil a day, and store more than one million barrels.
BBC: Babcock secures BP's ?30m offshore contract
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Many allied governments are inclined to exploit the widely shared desire to aid the process of reform in Poland and Hungary to dismantle multilateral export control arrangements under which such Western governments and their businesses have chafed for years.
CENTERFORSECURITYPOLICY: COCOM��s Coming Moment Of Truth
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Overseas companies already have approached the Cypriot authorities for the construction of a liquefied-natural-gas plant, which will help process and export the hydrocarbon reserves.
WSJ: A Bright Spot in Cyprus
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In addition to emphasizing the relevance of such business activity to federal procurement decisions, this process might, at minimum, urge the establishment of global security risk management programs, much like export controls already in force.
CENTERFORSECURITYPOLICY: Doing business with Iran
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While Turkey is not currently part of the European Union, it has been associated with the accession process, which allows companies to import and export without taxes, Sami says.
FORBES: The Investing Climate In Turkey Might Heat Up