Challenges continue for Larnaca Marina-Port project

The €1.2 billion initiative to expand the Marina and Port of Larnaca is still a long way off, even if recent discussions have produced some encouraging results.

President Christodoulides engaged corporate executives in a meeting at the presidential palace to discuss the intricacies of the project. The company's suggestion to lower the guarantee from €10 million to €4.2 million was one of the main topics that were covered.

The Ministry of Transport committees, who have the last say over decisions based on contractual conditions, want the corporation to submit detailed evidence to back their request, even if the government has agreed to this decreased guarantee in principle.

After the reduced guarantee is given, the focus will turn to looking into the other requests that the company has made. Among them are demands to modify the project's four phase timelines as specified in the contract.

The company's intention to launch the second phase, which would involve residential and commercial development, is very interesting. Direct financial benefits for the firm are promised at this point. The first phase, which includes the removal of existing breakwaters and the construction of government service buildings, road networks, and harbour facilities, will be advanced simultaneously.

Kition Ocean Holdings' CEO remarks demonstrate the company's will to modify the project's execution phases in order to maintain its profitability in the face of obstacles including inflation, escalating construction costs, rising interest rates, and regional conflicts.

These continuing discussions show the careful manoeuvring needed to manage the development of the Larnaca Port and Marina, achieving a balance between commercial interests, government authority, and community need.