Dinos Lefkaritis, CEO of Petrolina (Holdings) Public Ltd, presented the company’s strategic plans for the next 10–15 years during the annual conference of the Cyprus Stock Exchange.
At the heart of the strategy is a major redevelopment project in Larnaca, titled “Land of Tomorrow.”
According to Lefkaritis, the company has already submitted a construction application to the Department of Environment, which is expected to review it soon. After relocating all oil infrastructure from Larnaca to the Vasilikos area in Limassol, Petrolina gained access to 400,000 square meters of seafront land previously used for fuel tanks. Since 2018, environmental clean-up and land reclamation have been underway at the site.
The master plan, developed by the renowned architectural firm Foster + Partners, includes:
- Low-rise residential and commercial buildings
- A focus on maintaining unobstructed sea views
- Compliance with sustainability standards and ESG principles
The first phase, involving residential development, will begin once all necessary permits are secured. The entire project is expected to unfold over the next 10 to 15 years.
Lefkaritis emphasized that developing this prime coastal strip along the Larnaca-Dhekelia road—once occupied by fuel tanks—will serve as a catalyst for the city’s growth. The area is envisioned as a new hub for both locals and international investors. The “Land of Tomorrow” project will open up significant investment opportunities in tourism, culture, entrepreneurship, innovation, and environmental development in Cyprus.
“Land of Tomorrow is a project that will transform one of the largest districts in Larnaca and enhance the image not only of the city but also of Cyprus on the global stage. We are proud to see it take shape with the help of world-renowned Foster + Partners,” said Andreas Lefkaritis.
A Delayed Opportunity
It’s worth noting that Larnaca’s development has been long delayed, largely due to a shortage of available residential zones. For years, the city’s expansion was constrained between the airport on one side and oil terminals on the other.
The relocation of oil storage tanks from Larnaca to Vasilikos was completed in 2025, following over two decades of planning and bureaucratic hurdles. The move included the construction of new, private, fully automated terminals, the implementation of energy-efficient, computerized fuel loading systems, and a dramatic reduction in tanker service time, from 2.5 hours to just 10 minutes.