Larnaca port and marina

Larnaca Marina: Government activates “Plan B,” seeks new investors

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Larnaca Marina: Government activates “Plan B,” seeks new investors

The government has terminated a 1.2 billion euro investment contract with Kition Ocean Holdings for the development of Larnaca port and marina due to the contractor’s failure to renew a required guarantee. The government will seek compensation and pursue outstanding guarantees through legal channels. “Plan B” involves re-tendering the project, with the state ready to operate the port without interruption. Kition did not participate in a meeting to discuss the transition process. The government remains committed to the project and will evaluate what went wrong in the contract.

Govt scraps Larnaca marina project (updated)

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Govt scraps Larnaca marina project (updated)

The multibillion Larnaca port and marina project was scrapped due to Kition Ocean Holdings being in breach of contract.

Our View: Investigate costly project disputes inherited by government

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Our View: Investigate costly project disputes inherited by government

The government is currently dealing with disputes with big project contractors, including the potential termination of contracts for the Larnaca port/marina and Vassilikos gas terminal projects. These disputes have arisen due to major disagreements over costs, with some projects heading for costly legal battles. The government has also faced challenges with road construction projects, with disagreements over costs and delays. The government has inherited these issues from the previous administration and may be facing significant financial consequences as a result.

Our View: President acting as deus ex machina needs to end

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Our View: President acting as deus ex machina needs to end

Presidents of the Republic have historically acted as mediators in disputes, trying to find compromises and solutions. However, recent instances where the president intervened in disputes involving big companies from abroad, such as Kition Ocean Holdings and Chevron, did not yield positive results. This has raised questions about the president’s role in such matters and whether ministers should be left to handle them instead.

Delicate handling must come to an end

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Delicate handling must come to an end

The construction of the liquefied natural gas terminal at Vassiliko in Cyprus has been plagued with delays and cost increases, with the project not even halfway completed. The project was awarded to a consortium of Chinese, Greek, and Norwegian interests, with the hope of reducing electricity costs for citizens. However, additional costs have been incurred, such as €25 million due to steel price increases during the pandemic. The Audit Office report highlighted serious political responsibilities for the management of the project by the government. The consortium has filed a case demanding an additional €200 million due to delays. The situation is similar with the Larnaca Port and Marina project, where the company has been collecting revenues without starting the agreed-upon works. Overall, these projects have put the Cypriot citizens at risk of bearing additional costs without seeing the completion of the projects.

Tales from the Coffeeshop: Cost-cutting: increasing the taxpayer, ’s costs

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Tales from the Coffeeshop: Cost-cutting: increasing the taxpayer, ’s costs

Fact: Tornaritis is not very popular among Disy supporters because of his two-faced role in the last presidential elections.

Larnaca dockworkers continue strike

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Larnaca dockworkers continue strike

Larnaca port is at a standstill due to a strike by dockworkers demanding overtime pay. The strike has caused concerns for the port and the island’s economy. The matter may be referred to the Labour Ministry. Trade unions claim the port operator violated labour agreements regarding overtime schedules and pay. Employers and industrialists criticize the strike as unnecessary and in violation of the Industrial Relations Code. The Cyprus Chamber of Commerce and Industry also condemns the strike and calls for legislative regulation of strikes in essential services.

Larnaca port and marina must be concluded , “at all cost”

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Larnaca port and marina must be concluded , “at all cost”

Projects worth €100 million are planned in Larnaca in the coming years.

Our View: Kition Ocean Holdings cannot be trusted

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Our View: Kition Ocean Holdings cannot be trusted

The government has been pushed into a tight corner by Kition Ocean Holdings, the company responsible for developing Larnaca port and marina, with a contract estimated at €1.2bn. Despite efforts to resolve disputes, Kition failed to pay the €4.2m operation and management guarantee as agreed. The company has shown arrogance and disregard for the legislature, leading to a stalemate in the project. The government is hesitant to terminate the contract due to potential legal battles and delays in finding a new company to take on the project. Transport Minister Alexis Vafeades is seeking advice on how to proceed with the situation.

Larnaca marina, ’s Kition no-show at committee ‘not a sign of disrespect’

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Larnaca marina, ’s Kition no-show at committee ‘not a sign of disrespect’

Developer Kition Ocean Holdings did not attend a House transport committee meeting, but insisted it was not a sign of disrespect. They tried to attend remotely but were unable to. There is a dispute with authorities over the payment of a financial guarantee for the Larnaca port and marina project. The government expects €10 million, but the company insists on discussing the amount. Transport Minister threatened to take legal action if the full amount was not paid, but Kition only put forward €4.2 million. Differences in opinion remain regarding the guarantee amount, and the construction license for the project is set to be issued soon.