The Government of the Republic of Cyprus has pre-qualified bidders for Limassol Port privatization, after receiving expression of interest (EOIs) from more than 70 firms.

According to Alecos Michaelides, president of the Cyprus Port Authority, 12 companies have been preselected for the containers operations, 13 for the general cargo sector and 10 for the sea-services operations.

COSCO is among the companies that will be invited to present detailed plans before final tenders are invited in November. The process for the concessions at the port is expected to be completed by March 2016.

The port has become the principal seaport in Cyprus. It is the largest and busiest harbour on the island, capable of handling vessels up to 250 m size for berthing in 14m of water.

The overall port area is estimated to be 1,5 million m² and currently services 100% of the container traffic, 40-50% of total cargo and 75% of the passenger traffic in Cyprus. Three long-term contracts are available for commercial operation of: container facilities, a multipurpose terminal and marine services.

It is expected that the opening of the Suez Canal extension will result in increased activity at the Limassol port, which lies at a strategic point in the eastern Mediterranean.