On 1 April 2022, the Cyprus Ports Authority awarded the management and operation of the Port of Larnaca to the company "Kition", which signed with the Republic of Cyprus for the integrated development of the Port and the Marina of Larnaca. The investment undertaken by the company is estimated at EUR 1.2 billion and is the largest investment in the history of the Republic of Cyprus.SY and Presidential Candidate of the Republic, the Directors General of YMEA and ALK, the Vice President and Members of the Board of Directors of ALK, the Mayor of Larnaca, former Ministers, Members of Parliament and local stakeholders, the President of the Cyprus Ports Authority Dr. Antonis St. Stylianou addressed in a video message, due to his absence in Italy for business purposes, being a keynote speaker at a Council of Europe Conference in Rome. Dr. Stylianou in his address said the following. On 1 April 2022 we handed over the management and operation to the investor. In recent months, as the Cyprus Ports Authority, we have worked hard, in full cooperation with the Ministry of Transport, Communications and Works, which is the concessionaire, and Kition, so that the transition of operation and management of the Port of Larnaca is smooth.
I am proud of the work of the Administration and the Directorate of the Cyprus Ports Authority who throughout this period of time have performed their duty to the fullest - they have negotiated and implemented agreements with the company "Kition", resolved issues and handed over the port without any problems. Special thanks go to the Minister of Transport Mr. Yannis Karousos, as well as to the Director General of the Ministry Mr. Stavros Michael and their team of course for our enduring, excellent cooperation.
In the almost fifty years of the Cyprus Ports Authority we welcome the new, upgraded role of the Authority as Supervisor and Regulator of the activities that will now be carried out by our new partners. The Cyprus Ports Authority now has in a broader framework of action, actions in three pillars: operational, regulatory and supervisory, and is precisely upgrading its actions to fully implement its role in the modern port environment being created in our country.
Dear President of the Republic Mr. Nicos Anastasiades, it was one of your great visions. And you have made Cyprus exactly a pole of attraction for mega investments, creating a clear, sharp and transparent supervisory and regulatory framework so that investors can operate and offer for more development in our country.
Finally, I would like to wish our new partners good luck in the implementation of their plan and design for the integrated development of Larnaca Port and Marina. I assure them that the Cyprus Ports Authority with its new role in relation to the Port of Larnaca will be a supportive and steady partner in the implementation of the concession agreement."
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