DP World, EuroGate Take the Helm at Limassol Port
- Business & Finance
Dubai-based port and terminal operator DP World took over operations of the marine services and multi-purpose terminal at the Port of Limassol, Cyprus, from Cyprus Port Authority on January 29, finalizing the lengthy port privatization process.
“Our strategy with Limassol port is to make the terminal more productive and more sustainable. This strategy will mean better prospects for the long term future of the port, which will provide better support to the community through jobs creation and better services for the wider Cypriot business community,” DP World said.
The operator signed two separate concession agreements for the commercialisation of activities at the port’s multipurpose terminal and port marine services with the Government of the Republic of Cyprus in late April 2016.
Namely, DP World Limassol received a 25-year concession for the exclusive right to operate the multipurpose terminal, whose activities include break-bulk, general cargo, ro-ro and the operation of the passenger terminal, while P&O Maritime Cyprus, a wholly-owned subsidiary of DP World Limited, won a 15-year concession to provide a full range of port marine services including tugs and pilotage at the port.
Additionally, a consortium comprising EuroGate International GmbH, which has the majority holding, Interorient Navigation Company Ltd, and East Med Holdings S.A, has taken control at the port’s container terminal.
The privatization of commercial operations at Limassol was agreed within a bailout plan between Cyprus and international creditors.
World Maritime News Staff