Cyprus scraps Rs.1.2 billion port concession; claims contract breach

28 May 2024 CW Team

Cyprus has terminated a Rs.1.2 billion concession agreement for the development of Larnaca port; citing contractual violations by the operator awarded the project in 2020.

The operator, Kition Ocean Holdings, which held a long-term lease for both a yachting marina and a commercial port in the southern port town, has yet to respond to the allegations.

Despite being a crucial stop for an international aid maritime shuttle to Gaza, government officials assured that the cancellation would not disrupt port activities.

Transport Minister Alexis Vafeades explained that the consortium's failure to renew a required letter of guarantee constituted a breach of contract, leading to the transfer of port and marina administration back to the state.

(Source: ET)

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