The negotiations for the Larnaca port and marina between the Transport Ministry and Vouros joint venture will begin on Tuesday, since Zenon decided yesterday to withdraw the appeal against the Tender Revisionary Authority’s decision to choose Vouros as a preferable bidder.

In his statements, Transport Minister, Nicos Nicolaides said that the procedures will be fast so that the two parties reach an agreement the soonest possible.

Mr, Nicolaides said that this project is significant and will give a fresh impetus to the city of Larnaca and the economy in general.

The project will reach €1 billion, while the government will enjoy more than €100 million during the 35 years of lease. “The government will receive 7% of the Company’s revenues”, the Minister clarified.

The project will be constructed under the D.B.F.O. (Design – Build – Finance – Operate) method. The port will be developed on 185,000 sq. meters and the marina on 98,000 sq. meters.

The project will include the building of hotels, restaurants, cafes and parks and the port will become the island’s main passengers’ port. The marina will be one of the most attractive in the Middle East since it will host 1000 vessels.

Vouros Investments Ltd is composed of Cruise Center Pte Ltd, DP Architects Pte Ltd, Ioannou & Paraskevaides Ltd, J&P - AVAX S.A, Ioannou & Paraskevaides (Overseas) Limited, Ariadne Australia Limited and Cybarco Plc.