Kition Ocean Holdings

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.

Kition blasts transport minister over Larnaca project

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Kition blasts transport minister over Larnaca project

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.

Larnaca marina construction , ‘to begin in June’

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Larnaca marina construction , ‘to begin in June’

Construction work on Larnaca’s marina and port will begin in June. The guarantee for the project must be paid immediately by Kition Ocean Holdings, with a total of €4.2 million paid out of a total expected amount of €10m. The construction license is set to be issued on April 26.

Larnaca port and marina financial guarantee still not received

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Larnaca port and marina financial guarantee still not received

– Transport Minister Alexis Vafeadis stated that the contractor company’s guarantee for the unified development of the Larnaca Port and Marina has not been received yet.
– A two-day deadline will be granted for the guarantee to be provided, after which instructions will be sought from the Legal Service.
– The financial guarantee under the contract amounts to €10 million, with the consortium having placed €4.2 million so far.
– The consortium filed a case against the government for causing delays and breaching the contract.
– The guarantee is an essential term of the contract and needs to be submitted for the project to move forward.
– Competent committees require time to review the contractor’s requests, which may take longer than a week.
– Larnaca’s Mayor emphasized the need for timely action to ensure the commencement of construction work on the project.

Kition agrees to , €4.2 mln guarantee for Larnaca marina

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Kition agrees to , €4.2 mln guarantee for Larnaca marina

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.

Larnaca port project back on track, company announces

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Larnaca port project back on track, company announces

Kition Ocean Holdings had a positive meeting with President Christodoulides regarding the Larnaca port project. As a result of the President’s intervention, initial differences were bridged, leading to an agreement for KOH to place a €4.2 million guarantee. This cooperation is expected to resolve outstanding issues and allow for the prompt commencement of construction works.

Larnaca port and marina developer renewing financial guarantee

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Larnaca port and marina developer renewing financial guarantee

Kition Ocean Holdings has agreed to renew their financial guarantee for the development of Larnaca’s port and marina. The amount of the financial guarantee under the contract is €10 million, but the consortium has currently placed €4.2 million. The guarantee is expected to be deposited in the coming days to allow the project to continue according to the contract terms. President Nikos Christodoulides chaired the meeting where this agreement was reached.

Stakeholders to discuss Larnaca port impasse at Presidential Palace

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Stakeholders to discuss Larnaca port impasse at Presidential Palace

– Stakeholders are meeting to discuss the impasse over the future of the planned Larnaca marina and port revamp.
– Kition Ocean Holdings filed a case against the government for causing delays and breaching the contract.
– The government had been unwilling to meet the company to discuss a difference in a financial guarantee.
– Kition Ocean Holdings has been threatened by the government.

Larnaca port delay talks on Monday

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Larnaca port delay talks on Monday

President Nikos Christodoulides will chair a meeting with stakeholders to push ahead with the stalled €1.2 billion Larnaca port and marina project. The bone of contention is the renewal of a €10 million guarantee by Kition, with the company stating they have no intention to renew it without amending the concession agreement. Transport Minister Alexis Vafeades has called on Kition to renew the guarantee, warning of potential damages to the state if not done. An ad hoc committee has been set up to help break the deadlock, while the Cyprus Chamber of Commerce president criticized the company for not being clear about their intentions. Another issue is the preservation of the historical pier in Larnaca, which is part of the town’s heritage and is being restored as part of the wider development plan for the port and marina.