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The two-year process of the Limassol port privatization has been wrapped up as the Cypriot Ministry of Transport announced the new operators of the port’s container terminal, marine services and multi-purpose terminal.

According to the ministry, a consortium comprising EuroGate International GmbH, which has the majority holding, Interorient Navigation Company Ltd, and East Med Holdings S.A, will be in charge of the container terminal.

The marine services at the port will be taken over by a consortium of companies comprising DP World Limited, the majority participant, P&O Maritime and G.A.P Vassilopoulos Public Ltd, while the multi-purpose terminal will be headed by a consortium of DP World Limited and G.A.P Vassilopoulos Public Ltd.

“We are very satisfied by the process conducted and the end result,” the Minister of Transport, Communications and Works, Mr Marios Demetriades, said.

He added that “through a transparent and demonstrably competitive procedure we have three operators with a detailed plan to develop the port operations for the development of the most commercial activities of the most important port in Cyprus. We will be in a position to elaborate further after the transaction is formally completed.”

The government expects to finalize the concession agreements in the next six weeks.

Cyprus’ Limassol port operators were selected out of the existing fourteen bidders. There were six submissions for the container terminal, three for the marine services and five for the multipurpose terminal submitted in accordance with the terms of the procurement process.

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