Larnaca, Cyprus. Transport Minister Alexis Vafeades said decisions on the stalled redevelopment of the Larnaca port and marina are expected soon. He said the core issue under consideration is risk management.
Risk management and past contract terminations
Speaking on Sigma TV on Friday, Vafeades said risk management is central to the project after three contracts have been terminated over the past 20 years. He said past failures were not due to shifts in political will but to contractors failing to meet essential obligations.
Evaluation of studies and requests
Vafeades said a ministry study prepared with the Hellenic Superfund and Dutch experts, alongside a request linked to shareholders of the former Kition consortium, is under evaluation. He said the legal service is defining the legal framework rather than endorsing any singular proposal.
Superfund position and supply chain concerns
The Hellenic Superfund has argued against a single unified development, urging that each facility be financially sustainable on its own. Vafeades warned that without integration into a wider supply chain strategy, Larnaca port could struggle to serve even the domestic market within two years.
Timeline and possible alternatives
Vafeades said the financial component of the study is set to be delivered in mid April, after which any alternative arrangement would need time to be legally concluded. He said separate development with state involvement could allow shorter timelines.
What approach do you think Cyprus should adopt to manage risk in the Larnaca port and marina redevelopment?
