Press Releases

It is a great pleasure to join you today at the ceremony celebrating the conclusion of the first phase of investments by EUROGATE at Limassol Port.

A new page in the history of the Cypriot economy was established in 2016 when the Concession Agreements for the Port were signed, through which EUROGATE was appointed as the Container Terminal Operator.

The Agreements do not only provide an important source of revenue for the country, but constitute one of the largest commercialization projects in Cyprus, aiming at upgrading our regional role in the Eastern – Mediterranean as regards tourist, maritime and trade commerce.

This first phase of investments by EUROGATE amounted to more than thirty million Euros. Two new "Super Post Panamax" cranes, already in operation, as well as 17 new straddle carriers have been purchased, allowing Limassol port to serve the largest container ships and attract transhipment business.

In addition, three older cranes have been upgraded, including equipment passed on by the Cyprus Port Authority. At the same time, the company completed a series of construction projects aiming to improve the terminal's infrastructure, including installing an innovative IT system.

And I am pleased to assess that the modernisation of the container terminal’s operating systems and infrastructure, as well as the adoption of best international practices, have turned the Limassol port into one of the most advanced ports in the Eastern Mediterranean, with the customers of the port served in a timely and efficient manner.

It is also characteristic that in 2017 EUROGATE served 547 ships and a total of 210 thousand containers, while in 2018 it served 639 ships and 235 thousand containers, recording an increase of 17% and 14%, respectively.

As regards the second investment phase which will cost 32 million euros, as I have been informed, amongst others, it will lead to increasing the container terminal’s handling capacity from 450 thousand containers to one million containers annually.

The investment plan also foresees the purchase of two additional “Super Post Panamax Cranes,” as well as additional yard equipment such as Straddle Carriers, Empty Handlers and Terminal Tractors.

We are particularly pleased that Eurogate has proved to be a highly experienced and reliable partner, one that we are certain will ensure the prospect of Limassol Port in the coming decades, in support of our efforts to establish Cyprus as a modern centre for investment, trade and services.  

In concluding, I wish to yet again express my appreciation to Eurogate and their local partners for their excellent co-operation with the authorities of the government and to wish them all success in their future activities.

On my own behalf, I wish to assure you of the Government’s continuous support in your future development plans.

-------------------------------

RM/II