zoomImage Courtesy: DP World

The Limassol port privatization process has reached another milestone as the Government of the Republic of Cyprus signed contracts with the new operators of the port’s multipurpose terminal and port marine services.

Namely, DP World and the government entered into two separate concession agreements for the commercialisation of activities within the port.

DP World Limassol has been awarded a 25-year concession for the exclusive right to operate the multipurpose terminal, whose activities include break-bulk, general cargo, ro-ro and the operation of the passenger terminal, while P&O Maritime Cyprus, a wholly-owned subsidiary of DP World Limited, has been awarded a 15-year concession to provide a full range of port marine services including tugs and pilotage at the port.

Both concessions will be awarded to a joint venture between DP World and G.A.P. Vassilopoulos Public Limited, a logistics and services company, listed on the Cyprus Stock Exchange.

Under the agreements, DP World will hold 75 percent of the share capital of each joint venture, as well as the management rights.

A transition phase will follow during which the current Cyprus Port Authority will continue to operate the port while DP World and P&O Maritime Services undertake required activities for a smooth transition.

According to the companies, the takeover date of both concessions is scheduled for January 29, 2017.