Despite the war in Ukraine and the Covid-19 pandemic, Cyprus’ port authority continues to mark a surplus in its budget and has strong development potential, its chairman Antonis Stylianou said on Monday.
Speaking after a House finance committee session, deputies heard how the port authority has €36,912 surplus for its 2023 budget, and income amounting to €28,321,987. Its expenses reach €28,285,075.
“There are a number of challenges and opportunities where the port authority development is concerned. It continues to be a fully profitable and sustainable organisation.”
Stylianou said the role of the authority is not only managing ports but also overseeing and regulating private firms that have taken on the role of managing Limassol and Larnaca ports.
He added the authority was proud about upcoming projects including expanding Latsi port and creating an LPG unloading facility in the Zygi port area.
There are also developments concerning the full utilisation of the authority’s land areas and the construction of a new navigation monitoring station in the Zygi area to fully cover the whole range of the sea and the territorial waters of the Republic of Cyprus.
Asked about cruise ship traffic, Stylianou noted there was great potential for this year as there was an increasing number compared to pre-pandemic levels.
He also made reference to Cyprus’ first green port in Latsi, that has seen a €46m investment and will work exclusively from green energy sources, while also protecting marine life and water quality.