Kition Ocean Holdings (KOH) announced today a positive outcome following a meeting with President Christodoulides.
The announcement states that the President’s “invaluable intervention” helped to “bridge initial differences” between the government and KOH regarding the Larnaca port project.
According to KOH, a “productive dialogue” resulted in an agreement for KOH to place a €4.2 million guarantee. This paves the way for “further discussions on the details concerning the specifics of this guarantee amount.” The announcement clarifies that upon submission of the guarantee, the government has committed to “promptly engage in discussions about the Company’s variation requests as outlined in the Concession Agreement.”
KOH expresses optimism that this newfound cooperation will lead to a swift resolution of outstanding issues and a “prompt” commencement of construction works. The announcement concludes by reiterating KOH’s commitment to “moving forward in a spirit of collaborative engagement to ensure the success of the project.”
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