Port & Marina project in Larnaca

After years of a slow burning tender process, at last the Government is close to signing a landmark agreement with the Zenon Consortium for Larnaca concerning a €700 million euro port and marina development.

Dinos Lefkaritis, Executive Finance Director of Petrolina said that “We are now in the final stages and hope that an agreement will be signed soon between the Consortium and the Government”

The Consortium itself is comprised of Petrolina, Paraskevaides Group, Iacovou Bros and GCC construction companies. It’s possible that other companies might join the consortium, he added.

The project will feature:

• An overall improved and expanded port
• A deepening of the port & lengthening of the quay to accommodate cruise ships to dock
• Connecting roads
• Parking, a marina
• A surrounding area with shops
• Hotels
• Recreation facilities

The concept was initially proposed whey back in 2011 and was to the detriment of the city repeatedly postponed due to difficulties in reaching certain agreements linked to services and securing financing. It's important to keep in mind that the entire area was earmarked for development is actually government-owned.

The scope of works will take 3 to 6 years and is expected to cost around €60 million euro. The main phase of the project accounts for more than €600 million euro and consists of the commercial, residential and recreational area, which is planned after this initial upgrade of existing facilities.

The Port & Marina project is a much needed initiative for the city and will likely transform the fortunes of Larnaca!