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Roundup: Call for commercial developments of Cypriot port receives warm feedback

Xinhua, June 22, 2015 Adjust font size:

Over 70 operators have responded with expressions of interest to Cyprus' call out for the commercial development of the Limassol port, the eastern Mediterranean island's main port on its south coast, an official told state radio on Monday.

"The large number of operators who showed interest in the project provides a guarantee for the success of the competition," said port authority president Alecos Michaelides.

Invitations for the expression of interest were issued at the end of last week with a July 17 deadline.

Interested companies were invited to submit documents for three long term contracts concerning the commercial operation of container facilities, a multipurpose terminal that will include passenger facilities, and sea services.

Michaelides, who is also permanent secretary of the ministry of transport and communications, said the concession of the port operations to private business would help improve port services, increase income, and also help the general economy.

He has said that he expects some of those expressing an interest to form consortiums to bid for the actual contracts.

Sale of state assets, including privatization of port operations, was one of the main conditions included in a 10-billion-euro (11.3 billion U.S. dollars) bailout agreement under which Cyprus was pulled back from bankruptcy by the Eurogroup and the International Monetary Fund in March 2013.

Left wing parties opposing privatizations of state-owned assets had blocked for several months legislation allowing the government to sell port operations.

But the right-wing government, which is in the minority in parliament, finally managed to garner enough votes from middle of the road and socialist lawmakers by pointing out that the arrangements to be made did not amount to an outright privatization.

Successful bidders will operate under the supervision of the Cyprus Port Authority, which presently administers and operates the port.

Supporters of the project have also pointed to the success of the Piraeus port in Greece which is partly managed by the Chinese Cosco company.

Transport Minister Marios Demetriades has said he expects that Cyprus' strategic position in the eastern Mediterranean will help attract transshipment business.

He has said he expects the whole process to be completed within about eight months. Endit