Port Authority Board president Alecos Michaelides said that the names of the successful bidders will be made public after receiving official approval by the council of ministers.

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 ($11.03 billion U.S.) financial assistance program offered by the Eurogroup and the International Monetary Fund in March 2013.

Six proposals were received for the Container Terminal, three for the Marine Services and five for the Multipurpose (general cargo) Terminal.

The submission of bids followed a successful round of due diligence and two rounds of consultations with the pre-qualified bidders.

Michaelides, who is also Permanent Secretary of the Transport and Communications Ministry, said the successful bidders are large international companies which operate in many ports around the world and have ample experience and means.

He added that endorsement by parliament is needed before the contracts are signed.

Michaelides said the operations will take control of 95% of the ports area, where three energy companies involved in natural gas exploration will also set up support services.

The operators will be given a transition period of six months before they fully take up their respective sectors.

Michaelides said that the development and expansion of operations at Limassol port is bound to help the general economy of Cyprus as it prepares to end its three year adjustment program on March 31.

The eastern Mediterranean island achieved 1.4% growth of its €18 billion economy in 2015, after four years of recession.

Source: Famagusta Gazette