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Cyprus

Limassol port plan ‘on track’ for first quarter

Limassol port

THE commercialisation of Limassol port is on-track and expected to be completed by the end of the first quarter of this year, the Transport ministry said on Friday.

After a successful launch of the tender and an intensive round of due diligence and consultations with the port operator candidates, this milestone 2015 project remains on track, in line with the original timeline set, the ministry said in a news release.

It noted that the commercialisation of the Limassol port is a project that offers significant benefits to the Cypriot economy, as well as Cypriot taxpayers.

“A project that represents a unique opportunity for Cyprus to modernise its main port and transform it into a strategic and efficient transportation hub in the Mediterranean, a true symbol of Cyprus’ economic growth.”

The key objective of the project remains threefold, it said: modernisation of the port through investment in equipment and systems, and the adoption of the best international practices, both in terms of service levels, as well as health and safety standards; the value added to the economy, through a combination of a transparent tariff system and efficient operation resulting in cost improvements and reductions; and, continued and uninterrupted operation of the port.

The pre-qualification process – common for all candidates – was exhaustive and focused on operating experience, financial robustness and scale of operations.

All parties that pre-qualified are professional operators, financially sound, and with significant and relevant experience in the port industry.

As part of the process to upgrade port operations, the Cyprus Ports Authority has introduced a new tariff framework for all commercial services. This will apply from the date that the operators will take over the operation of the port.

Under the new scheme, there are fewer tariff categories, and the pricing mechanism is simplified as charges are unified under aggregated tariffs.

This is expected to decrease the cost of doing business at the port.

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