The Ministry of Transport, Communication and Works has notified Kition Ocean Holdings for the termination of the €1.2 billion concession contract on the joint development of the Larnaca marina and port.
Transport Minister Alexis Vafeades announced that the government intends to pursue compensation from Kition and will utilize legal avenues to secure outstanding guarantees. Acknowledging flaws within the contract, Vafeades assured a thorough review to pinpoint and resolve any issues.
Implementing a backup plan, the government plans to re-tender the project. Vafeades plans to convene with Larnaca stakeholders to outline this new strategy.
Assuring uninterrupted port operations, Vafeades stated that the state has implemented measures for seamless continuity. However, Kition failed to attend a scheduled meeting on Monday to discuss the transition process.
Despite setbacks, the government remains dedicated to the project’s realization, exploring alternative avenues. Vafeades refrained from specifying contract errors, citing the ongoing legal proceedings.
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