A consortium led by German terminal operator Eurogate has signed a contract to operate a container terminal in Limassol Port, Cyprus, following the privatisation of the port facilities.
Eurogate will own 60% of the facilities, which will be known under the name Eurogate Container Terminal Limassol Ltd, while its consortium partners Interorient Navigation Company Ltd. and East Med Holdings S.A. will each hold a 20% share.
The German operator is expected to invest in new large-scale equipment, IT system and in site remediation at the facilities.
The terminal, which has a 35 ha surface area and an 800 m quay wall length, has a container handling capacity of 500,000 teu per year, with a large share of the traffic being local cargo for the island state of Cyprus.
The approach to the port has a depth of 17 m, with a 16 m depth in front of the berths.
The consortium made a bid for the takeover of Limassol’s container terminal after the Cypriot government published an international invitation to tender for the privatisation of the port facilities in June 2015.
Eurogate’s chairman Thomas Eckelmann said in a statement: “Limassol Container Terminal is an ideal strategic addition to the Eurogate Group network.
“With Tangier in the west, Gioia Tauro and Cagliari in the central and Limassol in the eastern Mediterranean, Eurogate is now present throughout the Mediterranean region.”