Cyprus Larnaca port is a debate. The tourist hub or oil rig service centre catering to Cyprus’ new hydro-carbons industry? A little of both perhaps, if that’s at all possible.Officially the aim was to turn Larnaca marina and port into the largest passenger terminal in Cyprus.
But a consortium set up to develop the project was hampered by lack of funding in the wake of the financial crisis. In the meantime oil field service companies have received permits to set up shop at the port, sparking strong reaction from residents and the business community.In 2012 the Zenon consortium signed an agreement with the government for the development of Larnaca’s existing port and marina worth a reported €700m.
The project would be executed over a three-phase development spanning nine years in total.Once completed, the new port would become the main passenger port of Cyprus able to accommodate large cruise ships and have the potential to serve commercial vessels. The project would feature parks, restaurants, recreation space, shops and other public areas.
Artist’s impressions depict piers and curvy mega-buildings, bringing Dubai to mind.Then the project hit a snag, as local banks set to bankroll the project pulled back in the wake of the credit squeeze. The Zenon consortium is now seeking financing elsewhere for the initial marina component of the project reports Cyprus Mail.