articles | 27 April 2016

Cypriot participation in Limassol’s privatised port

The privatisation of the Limassol port is a major new step for the government, whose potential positive results remain to be seen in the coming years.

Concerns that the privatisation benefits only foreign investors may be appeased by the fact that there is Cypriot participation in the successful bids to take over the management of port service from the government.

The three contracts were won by the following companies:

1. The joint venture of EUROGATE International GmbH, Interorient Navigation Company Ltd, and East Med Holdings SA will take over the Container Terminal.
2. The joint venture of DP World Limited, G.A.P. Vassilopoulos Public Ltd will take over provision of Marine Services
3. The joint venture of DP World Limited, G.A.P. Vassilopoulos Public Ltd will take over the Multi-purpose Terminal.

Both the G.A.P. Vassilopoulos Group, and Interorient Navigation Company are Cypriot participations in the joint ventures which will are expected to assume full management of their services by the end of 2016 or beginning of 2017.

Expectations are high, with the Anastasiades administration promising €1.9 billion in revenue for the government over 25 years, in addition to other positive economic effects from the privatisation of the port.

If the estimations are correct, the government can speak of this being one of the most successful policy decisions amidst the negative climate of the financial crisis.

Source: InCyprus

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