Cyprus terminates €1.2bn Larnaca port deal with Kition Ocean Holdings due to contract breach.

Cyprus has terminated a €1.2bn ($1.3bn) deal for the development of Larnaca port by Kition Ocean Holdings due to a contract breach. The concession agreement, awarded in 2020, called for the development of both a yachting marina and a commercial port. Kition Ocean Holdings failed to renew a letter of guarantee for the project, which is considered a contractual breach. As a result, the port and marina will revert to the administration of the state.

May 26, 2024
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