![](\"https:\/\/www.financialmirror.com\/wp-content\/uploads\/2024\/04\/kition-larnaca-marina.jpg\")
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President Nikos Christodoulides will chair a meeting with all stakeholders on Monday in an effort to break the deadlock and push ahead with the stalled \u20ac1.2 bln Larnaca port and marina project.<\/p>\n
Spokesman Constantinos Letymbiotis confirmed the meeting will take place at the Presidential Palace with the participation of concession operators and developers Kition Ocean Holdings and Aroundtown, as well as the mayor of Larnaca, the president of the chamber of commerce, the Deputy Attorney-General and the Permanent Secretary of the Ministry of Transport.<\/p>\n
The bone of contention seems to be the renewal of a \u20ac10 mln guarantee by Kition, with the CEO, Oliver Corlette, quoted by news site Stockwatch as saying that the company has no intention to renew the guarantee, as it needs to amend the concession agreement if the port project is to remain viable.<\/p>\n
Meanwhile, Transport Minister Alexis Vafeades said that the government has called on Kition to renew the guarantee, which if not materialised will mean the violation of \u2018essential terms\u2019 of the concession agreement.<\/p>\n
It could also mean that Kition would have to pay several hundred thousand euros in damages to the state that has been deprived of revenues from the operation of the port and marina.<\/p>\n
The town\u2019s mayor Andreas Vyras said that an ad hoc committee has been set up in an effort to help break the deadlock and see the project get underway.<\/p>\n
However, Cyprus Chamber of Commerce president Stavros Stavrou was more critical, saying that, \u201cif the company is having second thoughts, it should come out and say it outright. All of Larnaca believed and put its trust in this company, but if it differentiating its position, it should announce that clearly, mor else it should proceed with implementation of the project.\u201d<\/p>\n
Another issue seems to be the historical pier, dating back to 1878 when Larnaca was the island\u2019s main port and the town was the diplomatic capital.<\/p>\n
The wooden structure has a preservation order as it is an important part of the town\u2019s heritage, with Kition Ocean Holdings said restoration efforts are fully harmonised with the town planning permit, as well as construction license issued by the municipality.<\/p>\n
\u201cThe restoration is the first important step in the wider development plan of the port and marina, as well as the Larnaca coastline,\u201d said the company.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Nikos Christodoulides will chair a meeting with stakeholders to push ahead with the stalled \u20ac1.2 billion Larnaca port and marina project. The bone of contention is the renewal of a \u20ac10 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.<\/p>\n","protected":false},"author":4,"featured_media":8037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[3038,1031,1240,5702,33,1625,3,2264,4406,3818,3013,415,6257,2655,6255,157,119,1092,6234,185,347,712,4086,1346,3331,193,4371,1237,1220,6256,4843,503,4753,284,3583,5614,1026,907,1681,409,170,5129],"class_list":["post-8036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-agreement","tag-christodoulides","tag-clear","tag-committee","tag-companies","tag-construction","tag-cyprus","tag-damages","tag-deadlock","tag-development","tag-development-plan","tag-government","tag-guarantee-renewal","tag-historical","tag-kition-ocean-holdings","tag-larnaca","tag-larnaca-marina","tag-larnaca-port","tag-larnaca-port-and-marina","tag-main","tag-marina","tag-maritime","tag-mayor","tag-meeting","tag-news","tag-nikos-christodoulides","tag-operation","tag-pier","tag-port","tag-port-and-marina-project","tag-president","tag-president-nikos-christodoulides","tag-project","tag-property","tag-restoration","tag-revenues","tag-talks","tag-transport-minister","tag-trust","tag-vafeades","tag-violation","tag-warning"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n