14 Bids Submitted for Limassol Port Privatization

Cyprus has received fourteen bids for the privatization of the Limassol Port, the country’s Ministry of Transport, Communications and Works said on Thursday.

The bids have been received following a round of due diligence and two rounds of consultations with the prequalified bidders.

Six submissions were received for the container terminal, three for the marine services and five for the multipurpose terminal in accordance with the terms of the procurement process, the ministry said.

The commercialization project now enters its next phase of detailed review and evaluation of the submissions, which is expected to last a few weeks.

 “We are very satisfied both by the number of participants and the quality of operators that submitted bids. They are financially sound companies, internationally recognized for their experience in operating similar terminals and services. Now is the time to evaluate their proposals in detail,”Alecos Michaelides, Permanent Secretary of the ministry said.

The plan is to have the preferred bidders before the end of the first quarter of 2016, in line with the process so far and to pursue thereafter final approval of the House and the signing of the agreement.

Limassol port workers have been protesting for a number of times over the recent period as they fear the privatization process will result in numerous layoffs.

The privatization of commercial operations at Limassol and Larnaca has been agreed within a bailout plan between Cyprus and international creditors.

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