Cyprus has announced the names of successful bidders who will undertake three sectors of operations at the eastern Mediterranean island's primary port of Limassol.
The first – comprising Germany’s logistics company EuroGate International, Cyprus’s Interorient Navigation Company and East Med Holdings, based in Luxembourg – will run the port’s container terminal.
DP World Limited (majority participant) and G.A.P Vassilopoulos Public Ltd for Marine Services and DP World Limited (majority participant) and G.A.P Vassilopoulos Public Ltd for the Multi-purpose Terminal.
"We are very satisfied with the process conducted and the end result since, through a transparent and demonstrably competitive procedure, we have three operators with a detailed plan to develop the port operations for the development of commercial activities at the most important port in Cyprus,” Transport minister Marios Demetriades said.
The announcement came as the country, which is poised to wrap up a three-year bailout program next month, looks to turn Limassol port into a regional player given its proximity to the Suez Canal, one of the world’s busiest shipping traffic routes.
Cyprus said that it received 14 bids from nine different companies to work on Limassol port. The works were stipulated in the three year, 10 billion euros (11.03 billion U.S. dollar) financial assistance program offered by the Eurogroup and the International Monetary Fund in March 2013.
The container terminal and multi-purpose terminal are both expected to be awarded for 25-30 years with a right to exploit and commercially develop. The concession for marine services is expected to be for 10-20 years with a right to operate in the waters at the port and for commercial development of marine services.