The joint venture ‘Dio. Toumazis and Partners – Rogan and Partners SA’ have been selected by the CPA to carry out a strategic report within four months that aims to maximise its value ahead of privatisation, scheduled to be completed by December 2015.

“We have selected these two advisors because we want to draft a long-term plan for our ports, a plan that would cover the potential needs in port installations in an outlook of 50 years,” CPA Chairman Alecos Michaelides told CNA today, adding that the report would ascertain whether these needs would be covered by the extension of the current installations or new ports would be necessary.

The CPA believes that future hydrocarbons reserves in Cyprus’ Exclusive Economic Zone would require increased port installations.

Michaelides made it clear that the report is independent of the privatisation process, which under the terms of the Cypriot bailout should be completed in December 2015 with the sale or lease of the Limassol port and container terminal.

“Through this strategic report, the CPA wishes to draft a concrete strategy that would maximise its value,” Michaelides added.

Source: Cyprus Mail