With the popularity of investment immigration to Cyprus, the country is receiving increasing attention from Chinese investors. Currently, most interest is focused on real estate investment. However, are there other good investment projects besides real estate? For example, ports! On April 25, 2016, the Cyprus Ministry of Transport and Communications signed an agreement with a bidding consortium led by EUROGATE to transfer the Limassol Container Terminal. The signing ceremony was held at the Presidential Palace in the capital, Nicosia. With this, the number of ports in the EUROGATE terminal network has increased to 12. It is reported that the Limassol Container Terminal has an annual throughput capacity of 500,000 TEUs, and the port's primary cargo source is the domestic demand of the island of Cyprus. The Limassol terminal covers an area of approximately 35 hectares and has a quay length of 800 meters. It features first-class navigational conditions, with a channel depth of 17 meters, a berth depth of 16 meters, and a turning basin diameter of 600 meters.
Last June, the Republic of Cyprus began an international tender for the privatization of the Limassol terminal, at which time the consortium led by EUROGATE submitted a bid. The members of the bidding consortium are EUROGATE International GmbH (60% stake), Interorient Navigation Company Ltd (20% stake), and East Med Holdings (20% stake). It is reported that prior to 2013, these companies had jointly operated one of the largest feeder shipping enterprises in the Mediterranean and Black Sea regions for 16 years.
EUROGATE President Thomas Eckelmann, who is primarily responsible for terminals outside of Germany, stated: "The Limassol Container Terminal fits perfectly with EUROGATE's development strategy. Previously, in the Mediterranean region, EUROGATE's port network included the Port of Tangier in the west, and Gioia Tauro and Cagliari in the center. Now, with the addition of the Port of Limassol in the Eastern Mediterranean, the network layout is even more complete."
Subsequently, EUROGATE will invest in Limassol, with projects including upgrading large-scale equipment, updating IT systems, and comprehensively renovating the container port. In the future, this terminal will be renamed "EUROGATE Limassol Container Terminal." The scale of EUROGATE, which leads the European terminal industry, will further expand.
Adonis Papadopoulos, Chairman of EUROGATE partner Interorient Navigation Company Ltd, stated: "We are very pleased to have secured such an important project for Cyprus. EUROGATE will invest in the terminal to enhance operational capabilities and competitiveness, and promote the improvement of the local economy."
Demetris Mouskos, Chairman of East Med Holdings, also emphasized that the tripartite cooperation will improve the overall operational level of the Limassol terminal and boost the development of the local economy at a critical moment.