Cyprus picks 2 consortiums to run services at largest port

NICOSIA, Cyprus (AP) - Cyprus unveiled on Thursday the names of two consortiums it has selected to run services at the east Mediterranean island's largest port of Limassol.

The first - comprised of Germany's EUROGATE International, Cyprus' Interorient Navigation Company and East Med Holdings, based in Luxembourg - will run the port's container terminal.

Cyprus' transport ministry said the second consortium - made of Dubai's DP World, its subsidiary P&O Maritime and Cyprus' G.A.P. Vassilopoulos - will operate sea services and a multi-purpose terminal at the port.

The announcement came as the country, which is poised to wrap up a three-year bailout program next month, looks to turn Limassol port into a regional player given its proximity to the Suez Canal, one of the world's busiest shipping traffic routes.

"The fact that investors of such caliber have shown interest is an important vote of confidence in our economy," Transport Minister Marios Demetriades told reporters.

More details will be available once the contracts are signed and parliamentary approval is given in the next six weeks. The state will retain ownership of the port.

Limassol port, on the island's southern coast, currently handles 4,000 ships, both container ships and cruise liners.