Cyprus Port Privatization Soon
Privatization of Limassol Port, a port of multiple uses, is the main port of Cyprus, will be officially launched by the end of April with a call for expression of interest, says the Minister of Communications and Works Marios Demetriades.
The project team is examining the possibility of attracting more than one investor, he said. Prior to the privatization of Cyprus' commercial hub, the Ministry will proceed with a revision of the Cyprus ports' charges in line with international practices. Marios also assured that the rights of employees at Limassol port will be safeguarded.
A privatizations progam, part of Cyprus Euro10 billion economic adjustment program, includes the privatization of the Limassol Port, the Cyprus Telecommunications Authority and the Cyprus Electricity Authority, aiming to garner €1 billion until 2016.
Meanwhile, the Cyprus Ports Authority (CPA) vice president Photis Panayides said that the shipping industry should become the “flagship” of Cyprus` economic growth, and privatization could bring that about.
He did not rule out that agreements relating to Limassol port would be reached by the end of the year. On Larnaca, he said, issues relating to the signing of an agreement with the strategic investor were expected to conclude, and assured that every effort would be made to safeguard jobs.
Referring to the works underway at the ports, Panayides said the expansion of Limassol Port was underway, with the 500-metre extension of its western basin quay. It is estimated the project will be completed by April 2016.
