Larnaca Port Expected to Generate Revenue of Over 95M in 2018

February 28, 2018

Larnaca Port is expected to generate revenue of over €9.5 million this year, due to an increase in activities, mainly due to additional cargo reaching the port from Europe, destined for exclusive economic zone works in Egypt and Israel.

Speaking before the Committee of Finance at the House of Representatives, which discussed the Cyprus Ports Authority (CPA) budget for 2018, Chairman of the CPA Petros Krassas said that Larnaca Port was working to its full capacity.

He explained that the cargo from Europe was machinery and spare parts used for supportive works in the exclusive economic zones of Egypt and Israel, the Cyprus News Agency reports.

Krassas said there had been information that over the next few years around €4 to €5 billion would be spent on hydrocarbon works in the Eastern Mediterranean, “and this is beginning to show now.”

According to Krassas, Larnaca Port received around €7 million in 2017, compared to €5 million in 2016, noting that this year revenues are expected to surpass €9.5 million.

Furthermore, Krassas said that on March 16 the Ministry of Transport is expected to have the final proposals of investors for Larnaca Port, followed by discussions and the handing over of the port to a private sponsor by the end of 2019.

He also noted that the port was understaffed and submitted a list of unemployed persons who had been taken on last year.

Regarding Limassol Port, the sponsors told the Committee that the CPA had so far received €48,318,591 of which €10 million were a down-payment for 2016, about €36.6 million for eleven months of 2017, and €1.7 million for 2018.

Krassas told the MPs that a year since its commercialisation, many problems had been solved and Limassol Port was working well.

He also referred to Vassiliko Port, noting that after the decision taken by the Council of Ministers for the construction of a port, the bidding process has been completed and the financing would be discussed with the Ministry of Finance.

According to the Cyprus News Agency, the CPA budget provides for an income of €30,406,000, with expenditure reaching €35,736,663, producing a deficit of €5,330,663 for 2018.

The budget includes 18 new jobs that reflect the new role of the CPA as a regulator after the commercialisation of Limassol Port, and abolishes 196.

Source:  Gold News Cyprus