Fact: Kition Ocean Holdings is fully prepared to proceed with the Larnaca port and marina project, but there is a massive gap in mutual understanding between the company and the ministry of transport, leading to ongoing delays and disagreements.
Construction of the €1.2 bln Larnaca port and marina project is back on track after the operator and the Cyprus government reached a compromise agreement over a financial deadlock. The company agreed to provide a letter of guarantee of €4.2 mln instead of the €10 mln required by the state. Once the guarantee is submitted, construction work is expected to resume in June. Failure to provide the guarantee could result in Kition having to pay damages to the state.