Cyprus Scraps $1.3 Billion Port Concession maritimeprofessional.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from maritimeprofessional.com Daily Mail and Mail on Sunday newspapers.
NICOSIA (Reuters) - Cyprus has scrapped a 1.2 billion euro ($1.30 billion) concession agreement for the development of Larnaca port, in a legal wrangle that the state and the contractor traded blame for on Monday. Operator Kition Ocean Holdings hel.
The termination of the contract for the development of the Larnaca port and marina was widely expected. There had been a loss of trust which led to a complete breakdown in communication between the contractor Kition Ocean Holdings and the government, making termination of the contract inevitable. The final straw…
Cyprus Business Now cyprus-mail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cyprus-mail.com Daily Mail and Mail on Sunday newspapers.
Larnaca municipality on Tuesday is looking to various stakeholders to determine its next actions, following the collapse of the Kition Ocean Holdings deal. Meanwhile, the semi-governmental Cyprus Ports Authority is poised to take over management of the port and marina, following the loading up of a ship bound for Gaza…